Venturi Wealth Management LLC Boosts Stake in Fastenal (NASDAQ:FAST)

Venturi Wealth Management LLC boosted its stake in Fastenal (NASDAQ:FAST) by 2.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,544 shares of the company’s stock after buying an additional 306 shares during the quarter. Venturi Wealth Management LLC’s holdings in Fastenal were worth $1,110,000 as of its most recent filing with the SEC.

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

Fastenal Stock Up 1.2 %

Shares of NASDAQ FAST opened at $84.35 on Tuesday. Fastenal has a 12-month low of $59.47 and a 12-month high of $84.88. The company has a market cap of $48.32 billion, a P/E ratio of 41.97, a P/E/G ratio of 4.88 and a beta of 0.99. 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 stock has a fifty day moving average price of $73.29 and a 200 day moving average price of $68.71.

Fastenal (NASDAQ:FAST) last announced its 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 company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. Research analysts anticipate that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.85%. Fastenal’s dividend payout ratio is presently 77.61%.

Insider Activity

In other news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP John Lewis Soderberg sold 488 shares of the 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 190,261 shares of company stock worth $13,874,979 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price target (up previously from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Stephens upped their price objective on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Morgan Stanley upped their price objective on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Robert W. Baird upped their price objective on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. upped their price objective on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $73.33.

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.