Oppenheimer Asset Management Inc. Sells 3,124 Shares of Fastenal (NASDAQ:FAST)

Oppenheimer Asset Management Inc. trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 171,346 shares of the company’s stock after selling 3,124 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Fastenal were worth $12,238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of FAST. Verdence Capital Advisors LLC grew its holdings in shares of Fastenal by 1.9% during the 3rd quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock worth $545,000 after acquiring an additional 142 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in Fastenal by 5.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after buying an additional 143 shares during the period. Compass Ion Advisors LLC boosted its holdings in shares of Fastenal by 1.5% during the 3rd quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock valued at $709,000 after buying an additional 146 shares in the last quarter. Catalina Capital Group LLC grew its position in shares of Fastenal by 4.5% in the 3rd quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock worth $240,000 after buying an additional 146 shares during the period. Finally, Penobscot Investment Management Company Inc. increased its stake in shares of Fastenal by 1.1% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after acquiring an additional 150 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FAST has been the subject of several recent research reports. UBS Group began coverage on shares of Fastenal in a report on Wednesday. They set a “neutral” rating and a $88.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Morgan Stanley upped their price target on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Bank of America initiated coverage on Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Finally, Robert W. Baird lifted their price target on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $74.80.

Fastenal Stock Up 0.1 %

Shares of FAST opened at $83.62 on Thursday. The firm has a fifty day moving average price of $73.94 and a 200-day moving average price of $68.93. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $47.91 billion, a P/E ratio of 41.60, a P/E/G ratio of 4.89 and a beta of 0.99. Fastenal has a 12-month low of $59.47 and a 12-month high of $84.88.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities research analysts expect that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.87%. Fastenal’s payout ratio is currently 77.61%.

Insider Buying and Selling

In related news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,929,734.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.32, for a total value of $37,244.16. The disclosure for this sale can be found here. Insiders sold a total of 222,079 shares of company stock valued at $16,563,600 over the last three months. 0.41% of the stock is owned by company insiders.

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.