HighTower Advisors LLC Trims Stock Position in Fastenal (NASDAQ:FAST)

HighTower Advisors LLC lessened its stake in shares of Fastenal (NASDAQ:FASTFree Report) by 4.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 280,067 shares of the company’s stock after selling 13,173 shares during the quarter. HighTower Advisors LLC’s holdings in Fastenal were worth $15,291,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Roundview Capital LLC raised its position in shares of Fastenal by 0.6% in the 1st quarter. Roundview Capital LLC now owns 85,339 shares of the company’s stock worth $5,069,000 after buying an additional 479 shares during the period. Vontobel Holding Ltd. raised its position in shares of Fastenal by 55.3% in the 1st quarter. Vontobel Holding Ltd. now owns 19,099 shares of the company’s stock worth $1,140,000 after buying an additional 6,797 shares during the period. Sei Investments Co. raised its position in Fastenal by 18.1% in the first quarter. Sei Investments Co. now owns 239,760 shares of the company’s stock valued at $14,218,000 after purchasing an additional 36,709 shares during the period. Cetera Investment Advisers raised its position in Fastenal by 24.6% in the first quarter. Cetera Investment Advisers now owns 26,251 shares of the company’s stock valued at $1,559,000 after purchasing an additional 5,190 shares during the period. Finally, Moors & Cabot Inc. raised its position in Fastenal by 9.0% in the first quarter. Moors & Cabot Inc. now owns 9,534 shares of the company’s stock valued at $566,000 after purchasing an additional 786 shares during the period. Institutional investors and hedge funds own 78.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on FAST shares. Stifel Nicolaus raised their price objective on Fastenal from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, January 19th. Robert W. Baird raised their price objective on Fastenal from $62.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $62.17.

Get Our Latest Stock Report on FAST

Fastenal Price Performance

NASDAQ FAST opened at $70.01 on Tuesday. The stock has a market capitalization of $40.06 billion, a P/E ratio of 34.66, a P/E/G ratio of 3.62 and a beta of 1.05. Fastenal has a 1 year low of $50.30 and a 1 year high of $70.95. The business’s fifty day moving average is $65.70 and its two-hundred day moving average is $60.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.27 and a current ratio of 4.57.

Fastenal (NASDAQ:FASTGet Free Report) last posted its quarterly earnings data on Thursday, January 18th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. Fastenal had a net margin of 15.72% and a return on equity of 34.31%. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the previous year, the company posted $0.43 EPS. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, research analysts forecast that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 29th. Shareholders of record on Thursday, February 1st will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.23%. This is a boost from Fastenal’s previous quarterly dividend of $0.38. The ex-dividend date is Wednesday, January 31st. Fastenal’s payout ratio is presently 77.23%.

Insider Activity

In other news, EVP Anthony Paul Broersma sold 5,586 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $69.34, for a total transaction of $387,333.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Anthony Paul Broersma sold 5,586 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $69.34, for a total value of $387,333.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Daniel L. Florness sold 19,500 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $60.02, for a total transaction of $1,170,390.00. Following the completion of the sale, the chief executive officer now owns 284,410 shares of the company’s stock, valued at $17,070,288.20. The disclosure for this sale can be found here. Insiders have sold a total of 123,120 shares of company stock worth $8,118,031 in the last ninety days. Corporate insiders own 0.45% of the company’s stock.

Fastenal Company Profile

(Free Report)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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