Wedmont Private Capital Has $781,000 Stock Holdings in Fastenal Company $FAST

Key Points

• Wedmont Private Capital increased its stake in Fastenal by 108.3% during the second quarter, acquiring a total of 18,004 shares valued at approximately $781,000.
• Fastenal's recent earnings report showed an EPS of $0.29, exceeding the consensus estimate, with revenue rising 8.6% year-over-year to $2.08 billion.
• Fastenal has announced a quarterly dividend of $0.22, resulting in an annualized yield of 1.8%, despite a relatively high dividend payout ratio of 84.62%.

Wedmont Private Capital grew its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 108.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,004 shares of the company's stock after purchasing an additional 9,360 shares during the quarter. Wedmont Private Capital's holdings in Fastenal were worth $781,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in FAST. Charles Schwab Investment Management Inc. grew its position in shares of Fastenal by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Fastenal by 8,541.0% in the first quarter. GAMMA Investing LLC now owns 1,694,235 shares of the company's stock valued at $131,388,000 after purchasing an additional 1,674,628 shares during the last quarter. Confluence Investment Management LLC grew its position in shares of Fastenal by 97.5% in the second quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company's stock valued at $137,760,000 after purchasing an additional 1,619,507 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Fastenal in the first quarter valued at about $119,136,000. Finally, Champlain Investment Partners LLC grew its position in shares of Fastenal by 266.4% in the first quarter. Champlain Investment Partners LLC now owns 1,824,055 shares of the company's stock valued at $141,455,000 after purchasing an additional 1,326,260 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

FAST traded up $0.36 during trading on Friday, hitting $47.58. The company's stock had a trading volume of 13,747,553 shares, compared to its average volume of 5,443,559. The firm's 50 day moving average price is $47.84 and its two-hundred day moving average price is $42.93. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63. The stock has a market capitalization of $54.60 billion, a price-to-earnings ratio of 45.75, a price-to-earnings-growth ratio of 4.33 and a beta of 0.97.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data 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 net margin of 15.30% and a return on equity of 32.33%. The firm had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same quarter in the previous year, the company posted $0.25 EPS. Fastenal's revenue was up 8.6% on a year-over-year basis. Sell-side analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.8%. The ex-dividend date was Tuesday, July 29th. Fastenal's payout ratio is 84.62%.

Insider Activity at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was 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. Company insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FAST. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Wolfe Research reissued a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. lifted their target price on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $46.82.

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.