Golden State Equity Partners Raises Holdings in Fastenal (NASDAQ:FAST)

Golden State Equity Partners lifted its holdings in shares of Fastenal (NASDAQ:FAST) by 16.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,239 shares of the company’s stock after purchasing an additional 1,191 shares during the period. Golden State Equity Partners’ holdings in Fastenal were worth $588,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Legal & General Group Plc grew its stake in Fastenal by 3.4% in the 2nd quarter. Legal & General Group Plc now owns 5,909,206 shares of the company’s stock worth $371,334,000 after acquiring an additional 193,734 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Fastenal by 1.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,665,482 shares of the company’s stock valued at $293,179,000 after purchasing an additional 66,130 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Fastenal by 13.2% in 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 during the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 shares of Fastenal by 21.2% in the 1st quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock valued at $250,617,000 after purchasing an additional 569,118 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of FAST stock opened at $78.34 on Thursday. Fastenal has a 12 month low of $58.04 and a 12 month high of $79.04. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The firm has a market capitalization of $44.85 billion, a P/E ratio of 38.98, a P/E/G ratio of 4.48 and a beta of 1.01. The company’s fifty day moving average price is $71.53 and its two-hundred day moving average price is $68.11.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. On average, research analysts anticipate that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Friday, October 25th. Fastenal’s payout ratio is currently 77.61%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Robert W. Baird lifted their price target on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 price target (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Jefferies Financial Group decreased their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Morgan Stanley lifted their price target on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Stephens lifted their price target on shares of Fastenal from $56.00 to $75.00 and gave the company 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 issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $73.33.

Insider Transactions at Fastenal

In other news, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total value of $1,270,509.30. Following the completion of the sale, the insider now owns 5,997 shares of the company’s stock, valued at approximately $465,667.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fastenal news, VP John Lewis Soderberg sold 488 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.32, for a total transaction of $37,244.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the transaction, the insider now directly owns 5,997 shares of the company’s stock, valued at $465,667.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 179,373 shares of company stock valued at $13,029,308. Insiders own 0.41% of the company’s stock.

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.