Motley Fool Wealth Management LLC trimmed its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 10.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 128,931 shares of the company's stock after selling 14,933 shares during the period. Motley Fool Wealth Management LLC's holdings in Fastenal were worth $9,999,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Horizon Financial Services LLC grew its holdings in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares in the last quarter. Itau Unibanco Holding S.A. boosted its stake in shares of Fastenal by 481.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock valued at $44,000 after purchasing an additional 506 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in Fastenal in the first quarter worth $49,000. TruNorth Capital Management LLC acquired a new position in Fastenal in the first quarter worth $57,000. Finally, Golden State Wealth Management LLC boosted its stake in Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after purchasing an additional 736 shares in the last quarter. 81.38% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on FAST shares. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. JPMorgan Chase & Co. increased their price target on Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. Finally, Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $46.36.
Read Our Latest Report on FAST
Fastenal Price Performance
Shares of FAST stock traded up $0.76 on Wednesday, hitting $49.21. 4,833,547 shares of the company's stock were exchanged, compared to its average volume of 6,330,524. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. Fastenal Company has a 12 month low of $32.04 and a 12 month high of $49.26. The stock has a market cap of $56.48 billion, a P/E ratio of 47.32, a price-to-earnings-growth ratio of 4.41 and a beta of 0.95. The company has a 50 day moving average of $44.27 and a 200 day moving average of $40.73.
Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. Fastenal's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. On average, equities research analysts predict that Fastenal Company will post 2.15 EPS for the current year.
Fastenal Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. Fastenal's payout ratio is currently 84.62%.
Insider Buying and Selling
In related news, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold 137,112 shares of company stock worth $6,304,410 in the last 90 days. Insiders own 0.37% of the company's stock.
About Fastenal
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Free Report)
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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