Venturi Wealth Management LLC Increases Position in Fastenal Company $FAST

Key Points

• Venturi Wealth Management LLC increased its stake in Fastenal by 90.4%, owning 30,567 shares valued at $1,284,000 after purchasing 14,510 additional shares in the 2nd quarter.
• Fastenal's stock reported earnings per share of $0.29 for the last quarter, exceeding analysts' expectations of $0.28, with a revenue of $2.08 billion.
• Insider activity included the CFO selling 21,052 shares at an average price of $45.21, leading to a 67.38% reduction in their position.

Venturi Wealth Management LLC grew its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 90.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,567 shares of the company's stock after buying an additional 14,510 shares during the period. Venturi Wealth Management LLC's holdings in Fastenal were worth $1,284,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Fastenal by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock valued at $5,685,754,000 after buying an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fastenal by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after buying an additional 1,850,871 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Fastenal by 1.7% in the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock valued at $652,875,000 after buying an additional 142,972 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Fastenal by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after buying an additional 168,830 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Fastenal by 11.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company's stock valued at $460,153,000 after buying an additional 613,254 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Stock Performance

Shares of FAST opened at $47.55 on Thursday. The company has a 50-day simple moving average of $48.24 and a 200-day simple moving average of $43.76. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $54.57 billion, a PE ratio of 45.72, a P/E/G ratio of 4.31 and a beta of 0.94. Fastenal Company has a 52-week low of $34.69 and a 52-week high of $50.63.

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

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is currently 84.62%.

Insider Activity at Fastenal

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the transaction, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays assumed coverage on shares of Fastenal in a research note on Tuesday. They set a "positive" rating and a $49.00 price target for the company. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Stephens increased their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Northcoast Research assumed coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a "neutral" rating for the company. Finally, Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $47.41.

Fastenal Company Profile

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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