Tema ETFs LLC Has $1.09 Million Stock Position in Fastenal Company $FAST

Tema ETFs LLC lessened its stake in shares of Fastenal Company (NASDAQ:FAST) by 68.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 22,629 shares of the company’s stock after selling 48,552 shares during the period. Tema ETFs LLC’s holdings in Fastenal were worth $1,087,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in Fastenal in the fourth quarter valued at approximately $646,046,000. Wellington Management Group LLP boosted its holdings in shares of Fastenal by 243.5% in the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after buying an additional 8,574,208 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after buying an additional 7,943,217 shares during the last quarter. Invesco Ltd. grew its stake in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after buying an additional 2,242,116 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Fastenal by 1,039.6% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after buying an additional 2,132,593 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Barclays lowered their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Finally, Weiss Ratings downgraded shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $49.17.

Fastenal Stock Down 1.7%

FAST opened at $51.34 on Friday. The stock’s fifty day simple moving average is $47.39 and its 200 day simple moving average is $46.07. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The stock has a market cap of $58.91 billion, a PE ratio of 43.51, a price-to-earnings-growth ratio of 3.26 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the previous year, the business posted $0.29 earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, research analysts expect that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Insider Transactions at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by corporate insiders.

Fastenal Profile

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.