Davis R M Inc. Has $249,000 Holdings in Fastenal (NASDAQ:FAST)

Davis R M Inc. lowered its stake in Fastenal (NASDAQ:FAST) by 22.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,225 shares of the company’s stock after selling 922 shares during the period. Davis R M Inc.’s holdings in Fastenal were worth $249,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Baird Financial Group Inc. lifted its stake in Fastenal by 15.2% in the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after purchasing an additional 1,043,529 shares during the last quarter. Norges Bank bought a new position in shares of Fastenal during the fourth quarter valued at $405,513,000. Envestnet Asset Management Inc. raised its stake in shares of Fastenal by 2.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock valued at $310,931,000 after acquiring an additional 109,028 shares during the last quarter. TD Asset Management Inc raised its stake in Fastenal by 21.2% during the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after buying an additional 569,118 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in Fastenal by 46.2% during the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after buying an additional 1,006,402 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In related news, EVP James C. Jansen sold 11,428 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the completion of the transaction, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at approximately $1,677,096.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fastenal news, Director Hsenghung Sam Hsu purchased 500 shares of Fastenal stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $63.28 per share, with a total value of $31,640.00. Following the transaction, the director now owns 3,500 shares of the company’s stock, valued at approximately $221,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James C. Jansen sold 11,428 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total transaction of $732,191.96. Following the transaction, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ FAST traded down $0.31 during trading on Tuesday, reaching $67.97. 707,433 shares of the company traded hands, compared to its average volume of 3,718,971. The stock has a market capitalization of $38.92 billion, a PE ratio of 33.77, a P/E/G ratio of 3.66 and a beta of 1.01. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. Fastenal has a 52-week low of $53.83 and a 52-week high of $79.04. The firm has a 50 day simple moving average of $65.06 and a 200-day simple moving average of $68.74.

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, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Fastenal will post 2.06 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, July 26th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.30%. The ex-dividend date is Thursday, July 25th. Fastenal’s payout ratio is 77.61%.

Analysts Set New Price Targets

A number of equities research analysts have commented on FAST shares. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Stephens reissued an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group cut their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Loop Capital cut their price objective on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Finally, Robert W. Baird cut their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and one has given 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 target price of $66.67.

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.