Fastenal (NASDAQ:FAST) Stock Holdings Reduced by IRON Financial LLC

IRON Financial LLC reduced its position in Fastenal (NASDAQ:FAST) by 67.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,008 shares of the company’s stock after selling 6,375 shares during the period. IRON Financial LLC’s holdings in Fastenal were worth $215,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc increased its holdings in Fastenal by 3.4% in the second quarter. Legal & General Group Plc now owns 5,909,206 shares of the company’s stock worth $371,334,000 after buying an additional 193,734 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Fastenal by 1.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 4,665,482 shares of the company’s stock worth $293,179,000 after purchasing an additional 66,130 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Fastenal by 13.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 4,420,659 shares of the company’s stock valued at $277,794,000 after purchasing an additional 517,172 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Fastenal by 19.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after purchasing an additional 636,546 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in Fastenal by 21.2% in the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after purchasing an additional 569,118 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other Fastenal 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total value of $1,270,509.30. Following the sale, the insider now owns 5,997 shares of the company’s stock, valued at $465,667.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of Fastenal 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 of the company’s stock, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,373 shares of company stock worth $13,029,308. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on FAST shares. Stephens boosted their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. boosted their target price on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price target (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Bank of America initiated coverage on shares of Fastenal in a research report on Monday, October 7th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, Morgan Stanley upped their price objective on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $73.33.

Fastenal Stock Performance

NASDAQ:FAST traded down $0.36 during trading hours on Thursday, hitting $77.98. 629,433 shares of the company traded hands, compared to its average volume of 3,317,792. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. Fastenal has a twelve month low of $58.04 and a twelve month high of $79.04. The firm has a 50-day moving average of $71.53 and a 200 day moving average of $68.11. The stock has a market capitalization of $44.65 billion, a price-to-earnings ratio of 38.98, a P/E/G ratio of 4.48 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Fastenal will post 2.03 EPS for the current year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s dividend payout ratio is presently 77.61%.

About Fastenal

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.