Voleon Capital Management LP Invests $433,000 in Fastenal Company $FAST

Key Points

• Voleon Capital Management has acquired a new stake in Fastenal Company valued at approximately $433,000, purchasing 5,580 shares during the first quarter.
• Several institutional investors have recently adjusted their holdings in Fastenal, with 81.38% of the stock now owned by institutional investors and hedge funds.
• Fastenal's stock has received various analyst ratings, with a consensus rating of "Hold" and a price target of $46.82, reflecting mixed sentiments about its future performance.

Voleon Capital Management LP purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 5,580 shares of the company's stock, valued at approximately $433,000.

Several other institutional investors also recently modified their holdings of the business. Ashton Thomas Private Wealth LLC grew its holdings in Fastenal by 3.9% during the first quarter. Ashton Thomas Private Wealth LLC now owns 26,790 shares of the company's stock valued at $2,078,000 after purchasing an additional 1,003 shares during the period. Kestra Investment Management LLC grew its holdings in Fastenal by 16.3% during the first quarter. Kestra Investment Management LLC now owns 19,436 shares of the company's stock valued at $1,507,000 after purchasing an additional 2,721 shares during the period. UniSuper Management Pty Ltd grew its holdings in Fastenal by 0.9% during the first quarter. UniSuper Management Pty Ltd now owns 155,546 shares of the company's stock valued at $12,063,000 after purchasing an additional 1,400 shares during the period. Select Equity Group L.P. acquired a new position in Fastenal during the first quarter valued at approximately $59,508,000. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in Fastenal by 19.9% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 339,880 shares of the company's stock valued at $26,358,000 after buying an additional 56,468 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FAST shares. Stephens lifted their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $47.00 to $55.00 in a research note on Thursday, August 7th. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. Finally, Wolfe Research reissued a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $46.82.

Fastenal Stock Performance

Shares of NASDAQ:FAST traded up $0.12 on Friday, hitting $47.45. The company had a trading volume of 5,506,469 shares, compared to its average volume of 5,565,287. Fastenal Company has a 1-year low of $34.67 and a 1-year high of $50.63. The stock has a market cap of $54.46 billion, a price-to-earnings ratio of 45.63, a P/E/G ratio of 4.30 and a beta of 0.97. The stock has a 50 day moving average price of $47.42 and a 200 day moving average price of $42.54. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

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

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio is presently 84.62%.

Insider Activity

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,230 shares of company stock valued at $5,288,364. Corporate insiders own 0.37% of the company's stock.

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.