Covenant Asset Management LLC Sells 762 Shares of Fastenal (NASDAQ:FAST)

Covenant Asset Management LLC lowered its position in Fastenal (NASDAQ:FAST) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,678 shares of the company’s stock after selling 762 shares during the period. Covenant Asset Management LLC’s holdings in Fastenal were worth $1,191,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FAST. Aaron Wealth Advisors LLC bought a new stake in Fastenal during the 3rd quarter worth about $310,000. Comgest Global Investors S.A.S. grew its stake in shares of Fastenal by 73.0% during the third quarter. Comgest Global Investors S.A.S. now owns 87,081 shares of the company’s stock valued at $6,219,000 after purchasing an additional 36,742 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Fastenal by 499.7% during the first quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock valued at $10,186,000 after purchasing an additional 110,027 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Fastenal by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 210,998 shares of the company’s stock valued at $13,259,000 after purchasing an additional 11,436 shares in the last quarter. Finally, Peak Financial Advisors LLC bought a new position in Fastenal in the 2nd quarter worth approximately $2,643,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Trading Up 0.8 %

FAST opened at $82.44 on Friday. The firm’s fifty day moving average is $75.99 and its two-hundred day moving average is $69.60. The firm has a market cap of $47.23 billion, a PE ratio of 41.01, a price-to-earnings-growth ratio of 4.78 and a beta of 0.99. Fastenal has a twelve month low of $59.47 and a twelve month high of $84.88. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40.

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

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be given a $0.39 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.89%. Fastenal’s dividend payout ratio is presently 77.61%.

Insider Activity at Fastenal

In related news, EVP Anthony Paul Broersma sold 680 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total transaction of $52,944.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sheryl Ann Lisowski sold 13,567 shares of Fastenal stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $76.19, for a total value of $1,033,669.73. Following the completion of the sale, the chief accounting officer now directly owns 5,096 shares in the company, valued at approximately $388,264.24. This represents a 72.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 208,289 shares of company stock worth $16,123,438. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

FAST has been the subject of several research reports. Stephens lifted their target price on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price objective (up from $80.00) on shares of Fastenal in a report on Monday, October 14th. UBS Group started coverage on shares of Fastenal in a research report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price on the stock. Morgan Stanley boosted their price target on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $74.80.

Fastenal 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.