Two Sigma Securities LLC Reduces Stock Position in Fastenal Company $FAST

Key Points

• Two Sigma Securities cut its Fastenal stake by 86.3% in the second quarter, selling 46,103 shares and retaining 7,326 shares worth approximately $352,000. Institutional investors collectively own 81.38% of the company.
• Fastenal insiders also reduced their holdings, including directors Michael Ancius and Rita Heise, who sold shares worth approximately $147,000 and $1.75 million, respectively.
• Analysts maintain a consensus “Hold” rating with a $49.17 price target. Fastenal reported revenue growth of 14.7% year over year, met quarterly EPS expectations at $0.33, and raised its quarterly dividend to $0.26 per share.

Two Sigma Securities LLC reduced its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 86.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,326 shares of the company's stock after selling 46,103 shares during the period. Two Sigma Securities LLC's holdings in Fastenal were worth $352,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in FAST. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter valued at $25,000. Palladiem LLC bought a new position in Fastenal in the 4th quarter worth about $25,000. Evergreen Advisors LLC bought a new position in Fastenal in the 1st quarter worth about $26,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Fastenal during the 2nd quarter valued at about $26,000. Finally, MV Capital Management Inc. purchased a new position in Fastenal during the 4th quarter valued at about $29,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rita Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company's stock.

Analyst Upgrades and Downgrades

FAST has been the topic of a number of recent analyst reports. Wolfe Research reissued an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Morgan Stanley boosted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Weiss Ratings raised shares of Fastenal from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 26th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, Barclays cut their price target on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Fastenal has a consensus rating of "Hold" and a consensus price target of $49.17.

Fastenal Price Performance

FAST opened at $49.23 on Friday. The stock has a 50-day moving average price of $48.66 and a 200-day moving average price of $46.57. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $56.49 billion, a P/E ratio of 41.72, a PEG ratio of 2.99 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company's revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 EPS. Equities analysts predict that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal's payout ratio is 88.14%.

Fastenal Profile

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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