OLD National Bancorp IN Acquires 13,939 Shares of Fastenal Company $FAST

OLD National Bancorp IN raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 101.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,702 shares of the company’s stock after buying an additional 13,939 shares during the quarter. OLD National Bancorp IN’s holdings in Fastenal were worth $1,163,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC bought a new stake in Fastenal in the 4th quarter valued at $496,000. NBC Securities Inc. raised its position in shares of Fastenal by 174,400.0% during the first quarter. NBC Securities Inc. now owns 1,745 shares of the company’s stock valued at $135,000 after buying an additional 1,744 shares during the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of Fastenal by 18.6% in the first quarter. Gateway Investment Advisers LLC now owns 18,972 shares of the company’s stock valued at $1,471,000 after buying an additional 2,980 shares during the period. Wedmont Private Capital grew its position in Fastenal by 18.7% during the first quarter. Wedmont Private Capital now owns 8,644 shares of the company’s stock worth $697,000 after buying an additional 1,363 shares in the last quarter. Finally, RDA Financial Network bought a new position in Fastenal during the first quarter valued at about $207,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Down 0.2%

Shares of NASDAQ FAST opened at $47.78 on Tuesday. The stock has a market cap of $54.83 billion, a PE ratio of 45.94, a PEG ratio of 4.34 and a beta of 0.94. The business has a fifty day moving average of $48.20 and a two-hundred day moving average of $43.71. Fastenal Company has a 52-week low of $34.69 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

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

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were issued 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

In related news, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business’s stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the transaction, the chief financial officer directly owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,230 shares of company stock worth $5,288,364. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an “equal weight” rating in a research report on Thursday, July 3rd. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Stephens increased their price objective on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Finally, Robert W. Baird upgraded shares of Fastenal from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average price target of $47.25.

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.