US Bancorp DE Has $36.28 Million Stock Position in Fastenal Company $FAST

Key Points

• US Bancorp DE increased its stake in Fastenal Company by 96.8%, owning 863,720 shares valued at approximately $36.28 million as of the latest SEC filing.
• Fastenal recently announced a quarterly dividend of $0.22 per share, which will be paid on November 25th, representing a 1.9% yield.
• The company reported earnings of $0.29 per share, exceeding analyst expectations and indicating an 8.6% revenue growth year-over-year at $2.08 billion for the most recent quarter.

US Bancorp DE lifted its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 96.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 863,720 shares of the company's stock after acquiring an additional 424,739 shares during the quarter. US Bancorp DE owned approximately 0.08% of Fastenal worth $36,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FAST. Brighton Jones LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at about $496,000. Farther Finance Advisors LLC lifted its position in shares of Fastenal by 103.5% in the first quarter. Farther Finance Advisors LLC now owns 14,564 shares of the company's stock valued at $1,130,000 after buying an additional 7,407 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Fastenal by 11.4% in the first quarter. GAMMA Investing LLC now owns 21,847 shares of the company's stock valued at $1,694,000 after buying an additional 2,240 shares during the last quarter. CX Institutional lifted its position in shares of Fastenal by 10.5% in the first quarter. CX Institutional now owns 4,851 shares of the company's stock valued at $376,000 after buying an additional 462 shares during the last quarter. Finally, Simon Quick Advisors LLC lifted its position in shares of Fastenal by 20.0% in the first quarter. Simon Quick Advisors LLC now owns 3,612 shares of the company's stock valued at $280,000 after buying an additional 603 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Stock Down 2.0%

NASDAQ FAST opened at $45.78 on Friday. The business has a fifty day moving average price of $48.26 and a two-hundred day moving average price of $43.87. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The stock has a market capitalization of $52.54 billion, a PE ratio of 44.02, a PEG ratio of 4.23 and a beta of 0.94.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The company's quarterly revenue was up 8.6% on a year-over-year basis. Equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. Fastenal's payout ratio is presently 84.62%.

Insiders Place Their Bets

In related news, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider owned 11,880 shares of the company's stock, valued at $570,834. This trade represents a 80.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 over the last ninety days. Company insiders own 0.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fastenal in a research report on Wednesday. Stifel Nicolaus set a $82.00 price objective on Fastenal in a research report on Thursday, July 3rd. Barclays initiated coverage on Fastenal in a research report on Tuesday. They issued a "positive" rating and a $49.00 price objective for the company. Loop Capital restated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $47.41.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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