Dorsey & Whitney Trust CO LLC Lowers Stake in Fastenal (NASDAQ:FAST)

Dorsey & Whitney Trust CO LLC cut its stake in Fastenal (NASDAQ:FAST) by 0.9% during the second quarter, HoldingsChannel reports. The fund owned 179,584 shares of the company’s stock after selling 1,544 shares during the quarter. Fastenal comprises about 0.8% of Dorsey & Whitney Trust CO LLC’s holdings, making the stock its 29th largest position. Dorsey & Whitney Trust CO LLC’s holdings in Fastenal were worth $11,285,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Central Valley Advisors LLC bought a new position in shares of Fastenal during the 2nd quarter worth approximately $28,000. MCF Advisors LLC increased its position in shares of Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares in the last quarter. Triad Wealth Partners LLC purchased a new stake in shares of Fastenal during the 2nd quarter valued at $32,000. Crewe Advisors LLC boosted its position in shares of Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new position in Fastenal during the 2nd quarter worth $35,000. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Up 3.3 %

FAST stock opened at $68.09 on Tuesday. The company has a market capitalization of $38.99 billion, a P/E ratio of 33.88, a price-to-earnings-growth ratio of 3.59 and a beta of 1.01. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The firm’s fifty day simple moving average is $66.83 and its 200-day simple moving average is $68.62. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share. As a group, equities research analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 45,744 shares of the firm’s 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FAST. Morgan Stanley initiated coverage on Fastenal in a report on Friday. They issued an “equal weight” rating and a $72.00 price target for the company. Jefferies Financial Group lowered their target price 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. Stephens restated an “equal weight” rating and set a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $67.43.

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.