Yousif Capital Management LLC has reduced its stake in Fastenal Company (NASDAQ: FAST) by 5.1%, according to a recent Form 13F filing with the Securities and Exchange Commission. The institutional investor now holds 295,646 shares following the sale of 15,859 shares during the third quarter. As of the latest filing, Yousif Capital Management’s investment in Fastenal is valued at approximately $14.5 million.
Other institutional investors have also made adjustments to their positions in Fastenal. Riverview Trust Co significantly increased its stake by 100% in the second quarter, acquiring an additional 292 shares to reach a total of 584 shares, valued at around $25,000. Similarly, Twin Peaks Wealth Advisors LLC entered a new position valued at $27,000 during the same period. Private Wealth Management Group LLC expanded its holdings by 111.9%, now owning 642 shares, worth $27,000, after purchasing an additional 339 shares. Hilltop National Bank and Clean Yield Group also acquired new stakes, with Clean Yield Group doubling its position to hold 696 shares valued at $29,000.
Institutional investors together control approximately 81.38% of Fastenal’s shares.
Insider Transactions Highlight Confidence
In other corporate developments, Fastenal’s Director, Sarah N. Nielsen, purchased 1,000 shares on November 19, 2023, at an average price of $39.60 per share, totaling $39,600. This transaction increased her ownership to 5,000 shares, with a total value of about $198,000.
Additionally, another director, Hsenghung Sam Hsu, bought 1,000 shares on November 13, 2023, at an average cost of $49.58, amounting to $49,580. Following this acquisition, Hsu now owns 10,000 shares valued at around $495,800. In total, insiders acquired 3,000 shares worth $131,630 in the last quarter, holding 0.37% of the company’s stock.
Fastenal’s Performance Metrics and Earnings
Fastenal shares opened at $41.75 on Tuesday, with a market capitalization of $47.93 billion. The company has a price-to-earnings (P/E) ratio of 39.02 and a P/E/G ratio of 3.39. Its stock has fluctuated between a 52-week low of $35.31 and a high of $50.63. Fastenal also maintains a robust financial position, with a debt-to-equity ratio of 0.03 and a current ratio of 4.26.
On October 14, 2023, Fastenal reported earnings of $0.29 per share for the quarter, slightly below analysts’ consensus estimate of $0.30. Total revenue reached $2.13 billion, consistent with market expectations. The company demonstrated solid growth with an 11.7% increase in revenue year-over-year.
Fastenal recently announced a quarterly dividend of $0.22, paid on November 25, 2023, to investors of record as of October 28, 2023. This translates to an annualized dividend of $0.88, yielding 2.1%. The dividend payout ratio currently stands at 82.24%.
Fastenal, founded in Winona, Minnesota, is a prominent wholesale distributor of industrial and construction supplies, specializing in fasteners and a wide range of other products. The company serves various markets, including manufacturing, construction, maintenance, repair, and operations.
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