Advisory Services Network LLC Sells 9,455 Shares of Fastenal (NASDAQ:FAST)

Advisory Services Network LLC reduced its holdings in Fastenal (NASDAQ:FASTGet Rating) by 24.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,076 shares of the company’s stock after selling 9,455 shares during the quarter. Advisory Services Network LLC’s holdings in Fastenal were worth $1,727,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Van ECK Associates Corp boosted its position in Fastenal by 10.9% during the first quarter. Van ECK Associates Corp now owns 74,871 shares of the company’s stock valued at $4,447,000 after purchasing an additional 7,340 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its position in shares of Fastenal by 77.5% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 49,467 shares of the company’s stock valued at $2,938,000 after buying an additional 21,600 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of Fastenal by 2.3% in the first quarter. State of New Jersey Common Pension Fund D now owns 334,661 shares of the company’s stock valued at $19,879,000 after buying an additional 7,678 shares during the last quarter. Raymond James & Associates lifted its position in shares of Fastenal by 6.7% in the first quarter. Raymond James & Associates now owns 831,858 shares of the company’s stock valued at $49,412,000 after buying an additional 52,070 shares during the last quarter. Finally, Regentatlantic Capital LLC lifted its position in shares of Fastenal by 12.2% in the first quarter. Regentatlantic Capital LLC now owns 7,201 shares of the company’s stock valued at $428,000 after buying an additional 783 shares during the last quarter. 78.18% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Fastenal stock opened at $47.36 on Monday. Fastenal has a 12 month low of $45.68 and a 12 month high of $64.75. The company has a current ratio of 3.71, a quick ratio of 1.75 and a debt-to-equity ratio of 0.10. The business’s 50 day simple moving average is $51.05 and its 200 day simple moving average is $53.11. The company has a market cap of $27.22 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.82 and a beta of 1.21.

Fastenal (NASDAQ:FASTGet Rating) last released its quarterly earnings results on Wednesday, July 13th. The company reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Fastenal had a net margin of 15.70% and a return on equity of 33.47%. The business’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Sell-side analysts forecast that Fastenal will post 1.86 EPS for the current year.

Fastenal announced that its board has approved a share repurchase program on Tuesday, July 12th that authorizes the company to repurchase 8,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Stockholders of record on Wednesday, July 27th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, July 26th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.62%. Fastenal’s dividend payout ratio (DPR) is currently 69.27%.

Insider Activity

In related news, CAO Sheryl Ann Lisowski acquired 1,058 shares of Fastenal stock in a transaction dated Thursday, July 14th. The shares were purchased at an average cost of $46.63 per share, with a total value of $49,334.54. Following the completion of the purchase, the chief accounting officer now owns 5,096 shares of the company’s stock, valued at $237,626.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Fastenal news, CEO Daniel L. Florness bought 4,000 shares of the firm’s stock in a transaction on Wednesday, September 14th. The stock was acquired at an average price of $48.00 per share, with a total value of $192,000.00. Following the completion of the purchase, the chief executive officer now owns 281,929 shares of the company’s stock, valued at $13,532,592. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Sheryl Ann Lisowski bought 1,058 shares of the firm’s stock in a transaction on Thursday, July 14th. The shares were acquired at an average cost of $46.63 per share, with a total value of $49,334.54. Following the purchase, the chief accounting officer now directly owns 5,096 shares of the company’s stock, valued at approximately $237,626.48. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,058 shares of company stock valued at $289,435. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Argus lowered their target price on Fastenal from $66.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, July 15th. UBS Group decreased their price target on Fastenal from $62.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, July 14th. Robert W. Baird downgraded Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 price objective on the stock. in a report on Thursday, July 14th. StockNews.com downgraded Fastenal from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, Morgan Stanley cut their target price on Fastenal from $48.00 to $42.00 and set an “underweight” rating on the stock in a report on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $52.00.

Fastenal Profile

(Get Rating)

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, 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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