Envestnet Portfolio Solutions Inc. Has $1.29 Million Stock Holdings in Fastenal Company $FAST

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in Fastenal Company by 94.9%, owning 30,659 shares worth approximately $1.29 million as of its latest SEC filing.
• Fastenal's recent earnings report showed a net margin of 15.34% with revenue up 11.7% year-over-year, although its earnings per share missed analyst expectations.
• The company declared a quarterly dividend of $0.22 per share, reflecting an annualized yield of 2.1% and a dividend payout ratio of 82.24%.

Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 94.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,659 shares of the company's stock after purchasing an additional 14,930 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Fastenal were worth $1,288,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock worth $5,685,754,000 after purchasing an additional 1,016,479 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares during the period. Baird Financial Group Inc. lifted its stake in Fastenal by 1.7% during the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock worth $652,875,000 after purchasing an additional 142,972 shares during the period. Blair William & Co. IL lifted its stake in Fastenal by 107.2% during the second quarter. Blair William & Co. IL now owns 6,822,973 shares of the company's stock worth $286,565,000 after purchasing an additional 3,530,339 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Fastenal by 2.6% during the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock worth $511,198,000 after purchasing an additional 168,830 shares during the period. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

Shares of Fastenal stock opened at $42.46 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.12. The firm has a market cap of $48.73 billion, a P/E ratio of 39.68, a P/E/G ratio of 3.87 and a beta of 0.94. The firm has a 50 day simple moving average of $47.83 and a 200 day simple moving average of $44.03. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business's revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 EPS. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal's dividend payout ratio (DPR) is currently 82.24%.

Insider Activity at Fastenal

In related news, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This represents a 36.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,178 shares of company stock worth $4,336,603. 0.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of analyst reports. Robert W. Baird cut their price target on shares of Fastenal from $53.00 to $49.00 and set an "outperform" rating for the company in a research note on Tuesday, October 14th. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Northcoast Research assumed coverage on shares of Fastenal in a research note on Thursday, August 21st. They issued a "neutral" rating for the company. Finally, Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a research note on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $46.50.

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.

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