Boothbay Fund Management LLC Cuts Stake in Fastenal (NASDAQ:FAST)

Posted by on Mar 4th, 2023

Boothbay Fund Management LLC lessened its stake in Fastenal (NASDAQ:FAST – Get Rating) by 27.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,614 shares of the company’s stock after selling 2,147 shares during the period. Boothbay Fund Management LLC’s holdings in Fastenal were worth $258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Penserra Capital Management LLC grew its stake in Fastenal by 7.6% in the first quarter. Penserra Capital Management LLC now owns 2,767 shares of the company’s stock valued at $164,000 after purchasing an additional 196 shares during the last quarter. Haverford Trust Co grew its stake in Fastenal by 2.2% in the third quarter. Haverford Trust Co now owns 9,087 shares of the company’s stock valued at $418,000 after purchasing an additional 199 shares during the last quarter. TCM Advisors LLC grew its stake in Fastenal by 0.8% in the second quarter. TCM Advisors LLC now owns 25,200 shares of the company’s stock valued at $1,258,000 after purchasing an additional 200 shares during the last quarter. ICW Investment Advisors LLC grew its stake in Fastenal by 0.7% in the third quarter. ICW Investment Advisors LLC now owns 32,115 shares of the company’s stock valued at $1,479,000 after purchasing an additional 209 shares during the last quarter. Finally, Whittier Trust Co. grew its stake in Fastenal by 6.1% in the third quarter. Whittier Trust Co. now owns 3,952 shares of the company’s stock valued at $182,000 after purchasing an additional 228 shares during the last quarter. Hedge funds and other institutional investors own 76.99% of the company’s stock.

Insider Buying and Selling

In other Fastenal news, VP Terry Modock Owen sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $53.24, for a total value of $798,600.00. Following the completion of the transaction, the vice president now directly owns 7,000 shares of the company’s stock, valued at $372,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FAST shares. Morgan Stanley dropped their price target on Fastenal from $43.00 to $42.00 and set an “underweight” rating on the stock in a research note on Friday, January 6th. Loop Capital dropped their price target on Fastenal from $54.00 to $53.00 and set a “hold” rating on the stock in a research note on Monday, January 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Fastenal currently has a consensus rating of “Hold” and a consensus target price of $51.14.

Fastenal Trading Up 1.5 %

Fastenal stock opened at $53.68 on Friday. The company has a quick ratio of 1.79, a current ratio of 3.96 and a debt-to-equity ratio of 0.11. Fastenal has a 52 week low of $43.73 and a 52 week high of $60.74. The company has a market capitalization of $30.65 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 2.96 and a beta of 1.19. The stock has a 50-day moving average price of $50.32 and a 200 day moving average price of $49.78.

Fastenal (NASDAQ:FAST – Get Rating) last released its earnings results on Thursday, January 19th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Fastenal had a return on equity of 34.38% and a net margin of 15.57%. The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s revenue was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Fastenal will post 1.94 EPS for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 2nd. Investors of record on Thursday, February 2nd were issued a dividend of $0.35 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.31. The ex-dividend date was Wednesday, February 1st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.61%. Fastenal’s payout ratio is 73.68%.

Fastenal Company Profile

(Get Rating)

Fastenal Co engages in the distribution of fasteners and tools. It also operates hardware stores. The company was founded by Robert A. Kierlin, Michael M. Gostomski, Henry K. McCannon, John D. Remick, and Stephen M. Slaggie in November 1967 and is headquartered in Winona, MN.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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