Fastenal (NASDAQ:FAST) Shares Acquired by AQR Capital Management LLC

AQR Capital Management LLC lifted its holdings in Fastenal (NASDAQ:FAST) by 9.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 333,487 shares of the company’s stock after acquiring an additional 29,708 shares during the quarter. AQR Capital Management LLC owned 0.06% of Fastenal worth $20,956,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FAST. Penobscot Investment Management Company Inc. raised its stake in shares of Fastenal by 1.1% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock valued at $1,030,000 after buying an additional 150 shares during the last quarter. Sara Bay Financial raised its position in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after acquiring an additional 155 shares in the last quarter. Trueblood Wealth Management LLC lifted its holdings in Fastenal by 1.4% in the second quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock valued at $711,000 after acquiring an additional 156 shares during the period. Team Hewins LLC boosted its position in Fastenal by 4.8% in the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after purchasing an additional 157 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its stake in shares of Fastenal by 2.0% during the 1st quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock worth $630,000 after purchasing an additional 159 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity

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

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $71.42 on Tuesday. 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 1 year low of $53.94 and a 1 year high of $79.04. The firm has a market capitalization of $40.89 billion, a PE ratio of 35.53, a P/E/G ratio of 3.92 and a beta of 1.01. The business’s 50 day moving average price is $68.39 and its 200-day moving average price is $68.25.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. As a group, equities research analysts expect that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is currently 77.61%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FAST. Morgan Stanley began coverage on shares of Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target on the stock. 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. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 price target (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Finally, Jefferies Financial Group dropped their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average target price of $67.43.

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.