Susquehanna Fundamental Investments LLC Cuts Holdings in Fastenal Company $FAST

Susquehanna Fundamental Investments LLC cut its holdings in Fastenal Company (NASDAQ:FAST) by 20.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 870,019 shares of the company’s stock after selling 226,975 shares during the quarter. Fastenal accounts for 0.8% of Susquehanna Fundamental Investments LLC’s portfolio, making the stock its 29th biggest holding. Susquehanna Fundamental Investments LLC’s holdings in Fastenal were worth $41,787,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FAST. Brighton Jones LLC acquired a new position in shares of Fastenal during the 4th quarter worth $496,000. Integrated Wealth Concepts LLC lifted its stake in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the period. Quantbot Technologies LP purchased a new stake in Fastenal during the second quarter worth about $158,000. Jump Financial LLC purchased a new stake in Fastenal during the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC grew its position in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FAST. Wolfe Research reiterated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research report on Thursday, July 9th. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Morgan Stanley boosted their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Finally, Robert W. Baird set a $54.00 price target on Fastenal in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average target price of $49.17.

Fastenal Price Performance

FAST stock opened at $49.78 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company’s 50 day simple moving average is $48.45 and its 200-day simple moving average is $46.50. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The firm has a market capitalization of $57.12 billion, a PE ratio of 42.19, a P/E/G ratio of 3.11 and a beta of 0.72.

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

Fastenal Increases Dividend

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

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by corporate insiders.

About Fastenal

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.