Cerity Partners LLC Boosts Stock Holdings in Fastenal (NASDAQ:FAST)

Cerity Partners LLC raised its holdings in Fastenal (NASDAQ:FASTGet Rating) by 29.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,719 shares of the company’s stock after purchasing an additional 1,746 shares during the period. Cerity Partners LLC’s holdings in Fastenal were worth $385,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Fastenal by 2.4% in the first quarter. Vanguard Group Inc. now owns 68,565,691 shares of the company’s stock worth $4,072,802,000 after purchasing an additional 1,622,762 shares in the last quarter. BlackRock Inc. increased its stake in shares of Fastenal by 3.9% in the first quarter. BlackRock Inc. now owns 46,254,527 shares of the company’s stock worth $2,747,517,000 after purchasing an additional 1,746,661 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Fastenal by 8.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,227,656 shares of the company’s stock worth $548,123,000 after purchasing an additional 681,328 shares in the last quarter. Northern Trust Corp increased its stake in shares of Fastenal by 0.6% in the first quarter. Northern Trust Corp now owns 7,502,384 shares of the company’s stock worth $445,642,000 after purchasing an additional 41,898 shares in the last quarter. Finally, Select Equity Group L.P. increased its stake in shares of Fastenal by 13.8% in the first quarter. Select Equity Group L.P. now owns 7,359,094 shares of the company’s stock worth $437,130,000 after purchasing an additional 894,092 shares in the last quarter. Hedge funds and other institutional investors own 78.18% of the company’s stock.

Fastenal Trading Up 0.1 %

Shares of Fastenal stock opened at $51.66 on Friday. Fastenal has a 1 year low of $43.73 and a 1 year high of $64.75. The firm has a market cap of $29.59 billion, a PE ratio of 27.63, a PEG ratio of 3.05 and a beta of 1.18. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.98 and a quick ratio of 1.89. The company has a 50 day simple moving average of $48.02 and a two-hundred day simple moving average of $50.33.

Fastenal (NASDAQ:FASTGet Rating) last announced its earnings results on Thursday, October 13th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. Fastenal had a net margin of 15.73% and a return on equity of 34.25%. The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the business posted $0.42 earnings per share. Fastenal’s revenue for the quarter was up 16.0% on a year-over-year basis. Analysts expect that Fastenal will post 1.88 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Thursday, October 27th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, October 26th. This represents a $1.24 annualized dividend and a yield of 2.40%. Fastenal’s payout ratio is presently 66.31%.

Insiders Place Their Bets

In other Fastenal news, Director Stephen L. Eastman purchased 1,000 shares of the firm’s stock in a transaction on Friday, October 14th. The shares were purchased at an average cost of $43.88 per share, with a total value of $43,880.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at approximately $438,800. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Fastenal news, CEO Daniel L. Florness purchased 4,000 shares of the firm’s stock in a transaction on Wednesday, September 14th. The shares were purchased at an average cost 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 approximately $13,532,592. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen L. Eastman bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, October 14th. The stock was purchased at an average cost of $43.88 per share, for a total transaction of $43,880.00. Following the completion of the purchase, the director now owns 10,000 shares of the company’s stock, valued at $438,800. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 6,500 shares of company stock valued at $306,425. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on FAST. Jefferies Financial Group restated a “hold” rating and issued a $50.00 price objective on shares of Fastenal in a research report on Monday, October 17th. Morgan Stanley raised their price objective on shares of Fastenal from $42.00 to $43.00 and gave the company an “underweight” rating in a research report on Friday, October 14th. Finally, StockNews.com lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Saturday, October 15th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $51.86.

Fastenal Company 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.

Featured Stories

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal (NASDAQ:FASTGet Rating).

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with MarketBeat.com's FREE daily email newsletter.