Fastenal Company $FAST Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its position in shares of Fastenal Company (NASDAQ:FAST) by 35.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,754,674 shares of the company’s stock after selling 5,837,388 shares during the quarter. Wellington Management Group LLP’s holdings in Fastenal were worth $516,547,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in FAST. Brighton Jones LLC purchased a new position in shares of Fastenal in the fourth quarter worth about $496,000. Integrated Wealth Concepts LLC grew its stake in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Fastenal in the 2nd quarter valued at about $158,000. Jump Financial LLC acquired a new stake in Fastenal in the 2nd quarter valued at about $2,199,000. Finally, Cary Street Partners Financial LLC lifted its stake in Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after purchasing an additional 1,771 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FAST shares. Wolfe Research restated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Barclays cut their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Weiss Ratings upgraded Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.17.

Insider Buying and Selling at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rita J. Heise sold 34,964 shares of the company’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 completion of the transaction, the director directly owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Fastenal Stock Down 2.6%

FAST stock opened at $49.78 on Friday. The firm has a market cap of $57.12 billion, a PE ratio of 42.19, a PEG ratio of 3.11 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm’s 50 day moving average price is $48.45 and its 200-day moving average price is $46.50. Fastenal Company has a one year low of $38.97 and a one year high of $52.92.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. On average, equities research analysts anticipate that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

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

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.