Joule Financial LLC Reduces Stock Position in Fastenal (NASDAQ:FAST)

Joule Financial LLC trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 60.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,972 shares of the company’s stock after selling 5,951 shares during the period. Joule Financial LLC’s holdings in Fastenal were worth $250,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its holdings in shares of Fastenal by 5.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 31,044 shares of the company’s stock worth $2,011,000 after acquiring an additional 1,715 shares during the period. Sapient Capital LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $204,000. J.W. Cole Advisors Inc. lifted its stake in shares of Fastenal by 4.5% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,961 shares of the company’s stock worth $904,000 after purchasing an additional 603 shares during the period. abrdn plc boosted its holdings in shares of Fastenal by 50.4% in the fourth quarter. abrdn plc now owns 302,985 shares of the company’s stock worth $19,624,000 after buying an additional 101,503 shares during the last quarter. Finally, Signaturefd LLC grew its position in Fastenal by 13.8% during the fourth quarter. Signaturefd LLC now owns 7,339 shares of the company’s stock valued at $475,000 after buying an additional 891 shares during the period. Institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FAST shares. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Stephens reiterated an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group reduced their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Robert W. Baird lowered their price objective on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $66.67.

Insider Activity

In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP James C. Jansen sold 11,428 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total transaction of $732,191.96. Following the completion of the sale, the executive vice president now owns 26,176 shares in the company, valued at approximately $1,677,096.32. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ FAST traded down $0.64 during mid-day trading on Thursday, reaching $67.51. The company’s stock had a trading volume of 1,604,923 shares, compared to its average volume of 3,568,830. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The stock has a fifty day moving average of $66.00 and a two-hundred day moving average of $68.88. The firm has a market capitalization of $38.65 billion, a PE ratio of 33.64, a P/E/G ratio of 3.65 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period last year, the firm posted $0.52 EPS. The company’s revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastenal will post 2.05 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, July 26th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

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.