Vise Technologies Inc. Makes New Investment in Fastenal Company $FAST

Key Points

• Vise Technologies acquired 60,055 Fastenal shares during the second quarter, a stake valued at approximately $2.884 million. Institutional investors collectively own 81.38% of Fastenal.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while adjusted earnings of $0.33 per share matched analyst expectations. Shares opened at $51.26, near the company’s 52-week high.
• The company raised its quarterly dividend from $0.24 to $0.26 per share, representing a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $49.17, while two directors recently sold shares.

Vise Technologies Inc. acquired a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 60,055 shares of the company's stock, valued at approximately $2,884,000.

A number of other institutional investors have also recently made changes to their positions in FAST. Brighton Jones LLC bought a new stake in Fastenal in the 4th quarter worth $496,000. Integrated Wealth Concepts LLC increased its position in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after acquiring an additional 147 shares during the period. Quantbot Technologies LP bought a new position in shares of Fastenal during the second quarter valued at about $158,000. Jump Financial LLC bought a new position in shares of Fastenal during the second quarter valued at about $2,199,000. Finally, Cary Street Partners Financial LLC boosted its holdings in shares of Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock worth $141,000 after purchasing an additional 1,771 shares during the period. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Trading Up 1.2%

Shares of FAST opened at $51.26 on Friday. The firm's 50-day moving average price is $47.96 and its 200-day moving average price is $46.37. The firm has a market capitalization of $58.82 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 3.16 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92.

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

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This is a positive change from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal's dividend payout ratio (DPR) is currently 88.14%.

Analysts Set New Price Targets

Several research firms recently issued reports on FAST. Sanford C. Bernstein reissued an "underperform" rating on shares of Fastenal in a research note on Wednesday, July 15th. DA Davidson reiterated a "neutral" rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Morgan Stanley boosted their target price on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Finally, Wolfe Research reissued an "underperform" rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fastenal currently has a consensus rating of "Hold" and a consensus price target of $49.17.

Insider Buying and Selling

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by corporate insiders.

Fastenal Company 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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