Capital City Trust Co. FL Boosts Stake in Fastenal Company $FAST

Capital City Trust Co. FL boosted its stake in Fastenal Company (NASDAQ:FAST) by 106.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,266 shares of the company’s stock after buying an additional 20,247 shares during the quarter. Capital City Trust Co. FL’s holdings in Fastenal were worth $1,649,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Patton Fund Management Inc. purchased a new position in shares of Fastenal during the 2nd quarter worth $229,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares during the period. Picton Mahoney Asset Management lifted its stake in shares of Fastenal by 7.5% during the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock worth $14,074,000 after purchasing an additional 12,721 shares during the period. KLP Kapitalforvaltning AS lifted its stake in shares of Fastenal by 3.9% during the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock worth $15,180,000 after purchasing an additional 7,400 shares during the period. Finally, Raiffeisen Bank International AG lifted its stake in shares of Fastenal by 21.5% during the 1st quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company’s stock worth $2,712,000 after purchasing an additional 6,303 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 0.6%

Shares of Fastenal stock opened at $47.88 on Friday. The business has a 50-day moving average of $48.18 and a 200-day moving average of $43.60. 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 company has a market capitalization of $54.95 billion, a PE ratio of 46.04, a P/E/G ratio of 4.34 and a beta of 0.94. Fastenal Company has a 1-year low of $34.69 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The company’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.25 earnings per share. As a group, equities analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal’s dividend payout ratio (DPR) is presently 84.62%.

Insider Activity at Fastenal

In other news, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the transaction, the insider owned 11,880 shares of the company’s stock, valued at approximately $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. Loop Capital restated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Thursday, July 3rd. Finally, Wolfe Research restated a “positive” rating on shares of Fastenal in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $46.82.

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.