Fastenal (NASDAQ:FAST) Stock Position Lowered by DMC Group LLC

DMC Group LLC lowered its position in shares of Fastenal (NASDAQ:FAST) by 17.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,670 shares of the company’s stock after selling 766 shares during the quarter. DMC Group LLC’s holdings in Fastenal were worth $216,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in Fastenal during the fourth quarter worth approximately $268,570,000. Morgan Stanley raised its holdings in Fastenal by 37.8% during the 4th quarter. Morgan Stanley now owns 9,092,207 shares of the company’s stock worth $430,243,000 after buying an additional 2,492,722 shares during the period. Baird Financial Group Inc. lifted its stake in Fastenal by 22.9% during the fourth quarter. Baird Financial Group Inc. now owns 8,249,677 shares of the company’s stock valued at $390,374,000 after buying an additional 1,537,417 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Fastenal by 593.9% in the first quarter. Los Angeles Capital Management LLC now owns 1,618,888 shares of the company’s stock worth $87,323,000 after buying an additional 1,385,581 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 10.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,989,837 shares of the company’s stock valued at $567,359,000 after acquiring an additional 1,179,460 shares during the period. 78.47% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

FAST traded down $0.51 during midday trading on Tuesday, reaching $54.40. 1,003,848 shares of the company’s stock were exchanged, compared to its average volume of 3,168,221. The company has a quick ratio of 2.13, a current ratio of 4.26 and a debt-to-equity ratio of 0.06. The business has a 50-day simple moving average of $57.11 and a two-hundred day simple moving average of $55.33. The firm has a market capitalization of $31.08 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 3.09 and a beta of 1.16. Fastenal has a one year low of $43.73 and a one year high of $59.43.

Fastenal (NASDAQ:FAST) last posted its earnings results on Thursday, July 13th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 34.63% and a net margin of 15.52%. The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the business earned $0.50 EPS. Fastenal’s quarterly revenue was up 5.9% compared to the same quarter last year. As a group, research analysts predict that Fastenal will post 1.98 EPS for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, July 27th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Wednesday, July 26th. Fastenal’s dividend payout ratio (DPR) is currently 71.07%.

Insider Activity at Fastenal

In other news, Director Michael J. Ancius acquired 500 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were purchased at an average cost of $57.53 per share, with a total value of $28,765.00. Following the completion of the purchase, the director now owns 28,765 shares of the company’s stock, valued at $1,654,850.45. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fastenal news, Director Michael J. Ancius bought 500 shares of the stock in a transaction dated Monday, July 17th. The stock was bought at an average cost of $57.53 per share, for a total transaction of $28,765.00. Following the completion of the purchase, the director now owns 28,765 shares in the company, valued at approximately $1,654,850.45. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Reyne K. Wisecup sold 19,564 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $56.78, for a total transaction of $1,110,843.92. Following the transaction, the director now owns 20,000 shares in the company, valued at approximately $1,135,600. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FAST has been the topic of several recent analyst reports. StockNews.com assumed coverage on Fastenal in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Robert W. Baird raised their price objective on shares of Fastenal from $57.00 to $60.00 in a research report on Friday, July 14th. Jefferies Financial Group increased their price target on shares of Fastenal from $50.00 to $60.00 in a research note on Friday, June 16th. Stephens downgraded shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective on the stock. in a research note on Thursday, July 13th. They noted that the move was a valuation call. Finally, HSBC initiated coverage on shares of Fastenal in a report on Friday. They issued a “hold” rating and a $59.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $57.00.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.