Ieq Capital LLC Acquires 1,155 Shares of Fastenal (NASDAQ:FAST)

Ieq Capital LLC raised its holdings in Fastenal (NASDAQ:FAST) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,415 shares of the company’s stock after buying an additional 1,155 shares during the period. Ieq Capital LLC’s holdings in Fastenal were worth $2,163,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FAST. Brighton Jones LLC raised its holdings in Fastenal by 20.9% during the second quarter. Brighton Jones LLC now owns 3,543 shares of the company’s stock worth $223,000 after acquiring an additional 612 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Fastenal by 117.1% during the 2nd quarter. Intech Investment Management LLC now owns 749,812 shares of the company’s stock worth $47,118,000 after purchasing an additional 404,502 shares in the last quarter. MQS Management LLC boosted its holdings in shares of Fastenal by 83.7% in the 2nd quarter. MQS Management LLC now owns 8,100 shares of the company’s stock valued at $509,000 after buying an additional 3,690 shares during the last quarter. Miramar Capital LLC bought a new position in shares of Fastenal in the second quarter valued at $478,000. Finally, Seven Eight Capital LP acquired a new position in Fastenal during the second quarter worth $679,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $70.75 on Friday. The business’s 50 day moving average is $68.05 and its 200-day moving average is $68.45. The firm has a market cap of $40.51 billion, a P/E ratio of 35.20, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the business earned $0.52 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities research analysts predict that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,929,734.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Morgan Stanley started coverage on shares of Fastenal in a research report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price objective for the company. Jefferies Financial Group lowered their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 price objective (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Finally, Stephens restated an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $67.43.

Fastenal Company Profile

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.