DMC Group LLC lessened its stake in shares of Fastenal (NASDAQ:FAST – Free Report) by 17.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,670 shares of the company’s stock after selling 766 shares during the quarter. DMC Group LLC’s holdings in Fastenal were worth $216,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Avalon Trust Co acquired a new position in Fastenal during the 1st quarter valued at about $29,000. Ridgewood Investments LLC purchased a new position in shares of Fastenal during the first quarter valued at approximately $30,000. Resurgent Financial Advisors LLC bought a new stake in Fastenal during the fourth quarter worth $33,000. Quarry LP boosted its holdings in Fastenal by 184.9% during the first quarter. Quarry LP now owns 678 shares of the company’s stock worth $37,000 after purchasing an additional 440 shares during the last quarter. Finally, Carderock Capital Management Inc. bought a new position in shares of Fastenal in the first quarter valued at approximately $42,000. Institutional investors own 78.47% of the company’s stock.
Analysts Set New Price Targets
Several research firms have weighed in on FAST. Jefferies Financial Group boosted their price objective on Fastenal from $50.00 to $60.00 in a research report on Friday, June 16th. HSBC assumed coverage on Fastenal in a research report on Friday. They issued a “hold” rating and a $59.00 target price for the company. Stephens downgraded shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Thursday, July 13th. They noted that the move was a valuation call. StockNews.com initiated coverage on shares of Fastenal in a report on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Robert W. Baird lifted their price objective on Fastenal from $57.00 to $60.00 in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Fastenal presently has an average rating of “Hold” and an average target price of $57.00.
Insiders Place Their Bets
In related news, Director Reyne K. Wisecup sold 19,564 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $56.78, for a total transaction of $1,110,843.92. Following the transaction, the director now owns 20,000 shares in the company, valued at $1,135,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Michael J. Ancius purchased 500 shares of the company’s stock in a transaction on Monday, July 17th. The stock was acquired at an average cost of $57.53 per share, for a total transaction of $28,765.00. Following the completion of the transaction, the director now directly owns 28,765 shares in the company, valued at approximately $1,654,850.45. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Reyne K. Wisecup sold 19,564 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $56.78, for a total transaction of $1,110,843.92. Following the sale, the director now owns 20,000 shares in the company, valued at $1,135,600. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.
Fastenal Stock Down 0.9 %
Fastenal stock traded down $0.51 on Tuesday, hitting $54.40. 1,003,848 shares of the stock traded hands, compared to its average volume of 3,168,221. Fastenal has a 1 year low of $43.73 and a 1 year high of $59.43. The firm has a market cap of $31.08 billion, a P/E ratio of 27.87, a price-to-earnings-growth ratio of 3.09 and a beta of 1.16. The company has a current ratio of 4.26, a quick ratio of 2.13 and a debt-to-equity ratio of 0.06. The business’s fifty day simple moving average is $57.11 and its 200 day simple moving average is $55.33.
Fastenal (NASDAQ:FAST – Get Free Report) last posted its quarterly earnings results on Thursday, July 13th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 34.63% and a net margin of 15.52%. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the firm earned $0.50 EPS. Fastenal’s revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Fastenal will post 1.98 earnings per share for the current year.
Fastenal Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, July 27th were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 26th. This represents a $1.40 annualized dividend and a yield of 2.57%. Fastenal’s payout ratio is 71.07%.
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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