Fastenal Company $FAST Shares Sold by Okabena Investment Services Inc.

Okabena Investment Services Inc. reduced its stake in shares of Fastenal Company (NASDAQ:FAST) by 63.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 27,134 shares of the company’s stock after selling 46,400 shares during the period. Okabena Investment Services Inc.’s holdings in Fastenal were worth $1,303,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Fastenal in the second quarter valued at $5,105,454,000. Caisse de depot et placement du Quebec purchased a new stake in Fastenal during the 2nd quarter worth $39,417,000. Swiss Life Asset Management Ltd lifted its holdings in Fastenal by 2.7% in the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after buying an additional 39,406 shares in the last quarter. Fideuram Asset Management Ireland dac acquired a new position in Fastenal in the 4th quarter worth $4,041,000. Finally, National Pension Service boosted its position in Fastenal by 2.9% in the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock valued at $64,362,000 after buying an additional 45,260 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Down 2.6%

NASDAQ:FAST opened at $49.78 on Friday. The company has a market capitalization of $57.12 billion, a price-to-earnings ratio of 42.19, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. The stock has a 50-day simple moving average of $48.45 and a 200 day simple moving average of $46.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the company earned $0.29 earnings per share. Fastenal’s quarterly revenue was up 14.7% on a year-over-year basis. Sell-side analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were issued a $0.26 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Insider Activity at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The stock was 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 of the company’s stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Wolfe Research restated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, Morgan Stanley lifted their price target on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $49.17.

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.