Neuberger Berman Group LLC has significantly increased its investment in Fastenal Company, raising its holdings by 112.8% in the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the investment firm now owns 88,153 shares of Fastenal, valued at approximately $3.70 million after acquiring an additional 46,737 shares during the quarter.
Several other institutional investors have also adjusted their positions in Fastenal, reflecting growing confidence in the company. Integrated Wealth Concepts LLC raised its stake by 2.4% in the first quarter, now holding 6,276 shares valued at $487,000. Similarly, Advisory Alpha LLC increased its holdings by 5.8%, owning 3,407 shares worth $264,000 after purchasing an additional 187 shares.
Riverview Trust Co made a notable move by doubling its stake in Fastenal during the second quarter, now owning 584 shares valued at $25,000. Private Wealth Management Group LLC also boosted its holdings by 111.9%, bringing its total to 642 shares worth $27,000. AdvisorNet Financial Inc increased its position by 95.0%, now owning 702 shares valued at $29,000. Notably, institutional investors collectively own 81.38% of Fastenal’s stock.
Insider Activity Highlights Recent Transactions
In related news, Director Sarah N. Nielsen acquired 1,000 shares of Fastenal stock on November 19, 2023, at an average price of $39.60 per share, totaling $39,600. Following this acquisition, Nielsen holds 5,000 shares valued at $198,000, marking a 25.00% increase in her position. Another director, Hsenghung Sam Hsu, also purchased 1,000 shares on November 13, 2023, at an average price of $49.58, amounting to $49,580. This purchase brought Hsu’s total to 10,000 shares worth $495,800, reflecting an 11.11% increase in his holdings.
Over the last 90 days, insiders have bought 3,000 shares of Fastenal stock, valued at $131,630. Currently, insiders hold 0.37% of the company’s stock.
Fastenal’s Recent Performance and Dividend Announcement
Fastenal shares opened at $42.01 on Monday, following a year of volatility with a low of $35.31 and a high of $50.63. The company has a market capitalization of $48.23 billion and a price-to-earnings (P/E) ratio of 39.26. Its two-hundred day moving average stands at $44.42, while the fifty-day moving average is $41.80. Fastenal reports a quick ratio of 2.19 and a current ratio of 4.26, with a debt-to-equity ratio of 0.03.
In its most recent earnings report, released on October 14, 2023, Fastenal reported earnings per share of $0.29, falling short of the consensus estimate of $0.30 by $0.01. The company generated revenue of $2.13 billion, in line with expectations, and recorded a net margin of 15.34% along with a return on equity of 32.69%. This represented an 11.7% increase in revenue compared to the same quarter the previous year.
Fastenal recently declared a quarterly dividend, which was distributed on November 25, 2023. Shareholders of record on October 28 received a dividend of $0.22, translating to an annualized dividend of $0.88 and a yield of 2.1%. The ex-dividend date was also October 28, with a dividend payout ratio (DPR) currently at 82.24%.
Fastenal Company, based in the United States, specializes in the wholesale distribution of industrial and construction supplies. Its product range includes fasteners and related supplies used in various applications, from manufacturing to construction projects.
