Pegasus Partners Ltd. grew its stake in shares of Fastenal (NASDAQ:FAST) by 53.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,380 shares of the company’s stock after acquiring an additional 17,810 shares during the period. Pegasus Partners Ltd.’s holdings in Fastenal were worth $1,674,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of FAST. Cantillon Capital Management LLC boosted its holdings in Fastenal by 96.1% in the second quarter. Cantillon Capital Management LLC now owns 6,335,959 shares of the company’s stock worth $206,488,000 after purchasing an additional 3,105,434 shares in the last quarter. Confluence Investment Management LLC boosted its holdings in Fastenal by 98.3% in the second quarter. Confluence Investment Management LLC now owns 3,591,836 shares of the company’s stock worth $117,058,000 after purchasing an additional 1,780,660 shares in the last quarter. Thoroughbred Financial Services LLC boosted its holdings in Fastenal by 6,744.2% in the second quarter. Thoroughbred Financial Services LLC now owns 1,581,902 shares of the company’s stock worth $158,190,000 after purchasing an additional 1,558,789 shares in the last quarter. Riverbridge Partners LLC boosted its holdings in Fastenal by 91.0% in the second quarter. Riverbridge Partners LLC now owns 3,053,420 shares of the company’s stock worth $99,511,000 after purchasing an additional 1,454,579 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Fastenal by 97.5% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,218,664 shares of the company’s stock worth $72,306,000 after purchasing an additional 1,095,437 shares in the last quarter. Institutional investors and hedge funds own 85.36% of the company’s stock.
FAST has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, April 17th. William Blair cut shares of Fastenal from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 7th. Northcoast Research cut shares of Fastenal from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. They noted that the move was a valuation call. BidaskClub upgraded shares of Fastenal from a “strong sell” rating to a “sell” rating in a report on Friday, July 26th. Finally, ValuEngine cut shares of Fastenal from a “sell” rating to a “strong sell” rating in a report on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $31.36.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Thursday, July 11th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.01). Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter last year, the company earned $0.37 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. Analysts forecast that Fastenal will post 1.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, July 25th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Wednesday, July 24th. Fastenal’s dividend payout ratio (DPR) is 66.67%.
In other Fastenal news, CAO Sheryl Ann Lisowski sold 9,166 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $64.22, for a total transaction of $588,640.52. Following the completion of the sale, the chief accounting officer now directly owns 9,466 shares in the company, valued at $607,906.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Ancius purchased 1,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $28.99 per share, with a total value of $28,990.00. The disclosure for this purchase can be found here. Insiders have acquired 4,604 shares of company stock valued at $138,479 over the last 90 days. Corporate insiders own 0.56% of the company’s stock.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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