Fulton Bank N.A. Reduces Position in Fastenal (NASDAQ:FAST)

Fulton Bank N.A. decreased its position in shares of Fastenal (NASDAQ:FAST) by 0.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 29,932 shares of the company’s stock after selling 249 shares during the quarter. Fulton Bank N.A.’s holdings in Fastenal were worth $1,881,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. grew its position in shares of Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares during the last quarter. MCF Advisors LLC boosted its stake in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Fastenal during the 4th quarter worth $35,000. LRI Investments LLC purchased a new position in Fastenal during the 1st quarter worth $39,000. Finally, Criterion Capital Advisors LLC acquired a new position in Fastenal in the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of several recent research reports. HSBC increased their target price on shares of Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. Loop Capital decreased their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Jefferies Financial Group dropped their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus restated a “buy” rating and set a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Finally, Stephens reiterated an “equal weight” rating and issued a $56.00 price objective on shares of Fastenal in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $66.67.

Insider Buying and Selling

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

Fastenal Stock Performance

NASDAQ FAST traded down $0.83 on Tuesday, hitting $65.57. 3,210,634 shares of the company’s stock were exchanged, compared to its average volume of 3,703,477. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The firm’s 50-day moving average price is $65.52 and its two-hundred day moving average price is $69.11. The firm has a market cap of $37.55 billion, a price-to-earnings ratio of 32.62, a P/E/G ratio of 3.65 and a beta of 1.01. Fastenal has a fifty-two week low of $53.83 and a fifty-two week high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. Fastenal’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts expect that Fastenal will post 2.05 EPS for the current year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, July 26th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Fastenal Company 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.