Confluence Investment Management LLC Acquires 1,619,507 Shares of Fastenal Company $FAST

Confluence Investment Management LLC raised its holdings in Fastenal Company (NASDAQ:FAST) by 97.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,280,009 shares of the company’s stock after buying an additional 1,619,507 shares during the period. Fastenal comprises approximately 1.9% of Confluence Investment Management LLC’s investment portfolio, making the stock its 13th biggest holding. Confluence Investment Management LLC’s holdings in Fastenal were worth $137,760,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. 1248 Management LLC bought a new stake in Fastenal in the first quarter valued at approximately $36,000. Horizon Financial Services LLC raised its stake in Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company’s stock valued at $42,000 after buying an additional 533 shares during the period. Zions Bancorporation National Association UT bought a new stake in Fastenal in the first quarter valued at approximately $49,000. TruNorth Capital Management LLC bought a new stake in Fastenal in the first quarter valued at approximately $57,000. Finally, Golden State Wealth Management LLC raised its stake in Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company’s stock valued at $58,000 after buying an additional 736 shares during the period. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FAST shares. Stifel Nicolaus set a $82.00 target price on Fastenal in a research note on Thursday, July 3rd. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus target price of $46.82.

Insiders Place Their Bets

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by company insiders.

Fastenal Price Performance

Fastenal stock opened at $47.45 on Friday. The stock’s fifty day moving average price is $47.42 and its two-hundred day moving average price is $42.54. Fastenal Company has a one year low of $34.67 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The firm has a market cap of $54.46 billion, a PE ratio of 45.63, a price-to-earnings-growth ratio of 4.30 and a beta of 0.97.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter last year, the company earned $0.25 EPS. The company’s revenue was up 8.6% on a year-over-year basis. As a group, research analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal’s dividend payout ratio (DPR) is 84.62%.

Fastenal 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.