SouthState Corp Has $71,000 Holdings in Fastenal (NASDAQ:FAST)

SouthState Corp lessened its position in shares of Fastenal (NASDAQ:FAST) by 19.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,130 shares of the company’s stock after selling 273 shares during the period. SouthState Corp’s holdings in Fastenal were worth $71,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in FAST. Penobscot Investment Management Company Inc. grew its holdings in Fastenal by 1.1% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock valued at $1,030,000 after buying an additional 150 shares in the last quarter. Panagora Asset Management Inc. grew its stake in shares of Fastenal by 0.8% in the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock valued at $1,237,000 after acquiring an additional 152 shares in the last quarter. Sara Bay Financial increased its position in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after acquiring an additional 155 shares during the period. Team Hewins LLC raised its stake in Fastenal by 4.8% in the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after purchasing an additional 157 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its stake in Fastenal by 2.0% in the 1st quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock worth $630,000 after purchasing an additional 159 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Hsenghung Sam Hsu acquired 500 shares of Fastenal stock in a transaction dated Monday, June 10th. The stock was purchased at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the purchase, the director now owns 3,500 shares in the company, valued at approximately $221,480. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Trading Up 1.1 %

Shares of FAST stock opened at $65.89 on Friday. Fastenal has a fifty-two week low of $53.83 and a fifty-two week high of $79.04. The stock’s fifty day moving average price is $66.71 and its two-hundred day moving average price is $68.67. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. The company has a market cap of $37.73 billion, a PE ratio of 32.78, a P/E/G ratio of 3.72 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. Equities analysts predict that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s payout ratio is currently 77.61%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FAST. Stephens reaffirmed an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Stifel Nicolaus restated a “buy” rating and set a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Morgan Stanley assumed coverage on Fastenal in a research report on Friday. They set an “equal weight” rating and a $72.00 target price for the company. Finally, Jefferies Financial Group decreased their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $67.43.

Fastenal Profile

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.