Wellington Management Group LLP Trims Holdings in Fastenal Company $FAST

Wellington Management Group LLP decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 35.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,754,674 shares of the company’s stock after selling 5,837,388 shares during the quarter. Wellington Management Group LLP owned 0.94% of Fastenal worth $516,547,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in FAST. BlackRock Inc. acquired a new stake in shares of Fastenal in the second quarter worth $5,105,454,000. Bank of New York Mellon Corp acquired a new stake in Fastenal during the 2nd quarter worth about $859,310,000. Norges Bank acquired a new stake in Fastenal during the 4th quarter worth about $646,046,000. Legal & General Group Plc purchased a new position in shares of Fastenal during the 2nd quarter valued at about $410,919,000. Finally, Bank of America Corp DE raised its stake in shares of Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after buying an additional 7,943,217 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

NASDAQ FAST opened at $49.78 on Friday. The stock has a market capitalization of $57.12 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 3.11 and a beta of 0.72. The stock has a 50-day moving average of $48.45 and a 200 day moving average of $46.50. 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 twelve month low of $38.97 and a twelve month high of $52.92.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period last year, the company earned $0.29 earnings per share. Sell-side analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is 88.14%.

Insiders Place Their Bets

In related news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FAST. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Weiss Ratings raised Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Barclays dropped their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $49.17.

Fastenal 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.