Yousif Capital Management LLC Has $13.08 Million Stake in Fastenal Company $FAST

Yousif Capital Management LLC increased its stake in shares of Fastenal Company (NASDAQ:FAST) by 91.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 311,505 shares of the company’s stock after acquiring an additional 148,499 shares during the period. Yousif Capital Management LLC’s holdings in Fastenal were worth $13,083,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Griffin Asset Management Inc. raised its holdings in shares of Fastenal by 100.0% during the second quarter. Griffin Asset Management Inc. now owns 34,078 shares of the company’s stock worth $1,431,000 after acquiring an additional 17,039 shares during the period. MGO One Seven LLC grew its position in Fastenal by 594.7% in the second quarter. MGO One Seven LLC now owns 48,698 shares of the company’s stock valued at $2,045,000 after purchasing an additional 41,688 shares in the last quarter. Cypress Capital Group grew its position in Fastenal by 92.0% in the second quarter. Cypress Capital Group now owns 10,108 shares of the company’s stock valued at $425,000 after purchasing an additional 4,844 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Fastenal by 71.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 54,545 shares of the company’s stock valued at $2,338,000 after purchasing an additional 22,704 shares in the last quarter. Finally, LRI Investments LLC grew its position in Fastenal by 100.0% in the second quarter. LRI Investments LLC now owns 2,710 shares of the company’s stock valued at $114,000 after purchasing an additional 1,355 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal 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. In the last quarter, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by corporate insiders.

Fastenal Stock Performance

NASDAQ FAST opened at $42.33 on Tuesday. The firm has a 50-day moving average of $48.20 and a 200-day moving average of $43.97. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock has a market cap of $48.58 billion, a PE ratio of 40.70, a P/E/G ratio of 4.15 and a beta of 0.94. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 EPS. On average, sell-side analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is currently 84.62%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FAST shares. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a research report on Thursday, July 3rd. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Finally, Stephens raised their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $47.41.

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.