SignalPoint Asset Management LLC Sells 700 Shares of Fastenal (NASDAQ:FAST)

SignalPoint Asset Management LLC cut its stake in shares of Fastenal (NASDAQ:FAST) by 9.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,004 shares of the company’s stock after selling 700 shares during the quarter. SignalPoint Asset Management LLC’s holdings in Fastenal were worth $413,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FAST. Whittier Trust Co. lifted its position in Fastenal by 4.6% during the 1st quarter. Whittier Trust Co. now owns 4,147 shares of the company’s stock worth $224,000 after buying an additional 184 shares in the last quarter. Brown Brothers Harriman & Co. lifted its position in Fastenal by 1.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 17,837 shares of the company’s stock worth $962,000 after buying an additional 190 shares in the last quarter. Contravisory Investment Management Inc. lifted its position in Fastenal by 2.4% during the 2nd quarter. Contravisory Investment Management Inc. now owns 8,311 shares of the company’s stock worth $490,000 after buying an additional 192 shares in the last quarter. Czech National Bank lifted its position in Fastenal by 0.3% during the 1st quarter. Czech National Bank now owns 67,235 shares of the company’s stock worth $3,627,000 after buying an additional 193 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its position in Fastenal by 0.4% during the 4th quarter. 1832 Asset Management L.P. now owns 48,972 shares of the company’s stock worth $2,317,000 after buying an additional 195 shares in the last quarter. 78.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. HSBC started coverage on shares of Fastenal in a research report on Friday. They set a “hold” rating and a $59.00 price target on the stock. Stephens downgraded shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a research report on Thursday, July 13th. They noted that the move was a valuation call. StockNews.com started coverage on shares of Fastenal in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Robert W. Baird upped their target price on shares of Fastenal from $57.00 to $60.00 in a research report on Friday, July 14th. Finally, Jefferies Financial Group upped their target price on shares of Fastenal from $50.00 to $60.00 in a research report on Friday, June 16th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $57.00.

Insider Activity

In other Fastenal news, Director Michael J. Ancius bought 500 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was acquired at an average cost of $57.53 per share, with a total value of $28,765.00. Following the purchase, the director now owns 28,765 shares in the company, valued at $1,654,850.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fastenal news, Director Michael J. Ancius bought 500 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was acquired at an average cost of $57.53 per share, with a total value of $28,765.00. Following the purchase, the director now owns 28,765 shares in the company, valued at $1,654,850.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reyne K. Wisecup sold 19,564 shares of the stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $56.78, for a total value of $1,110,843.92. Following the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $1,135,600. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Fastenal Trading Down 0.1 %

Shares of FAST stock traded down $0.04 on Tuesday, reaching $54.87. The company had a trading volume of 273,637 shares, compared to its average volume of 3,164,135. 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 stock has a market cap of $31.35 billion, a PE ratio of 27.87, a PEG ratio of 3.09 and a beta of 1.16. The company has a 50-day moving average of $57.11 and a 200-day moving average of $55.33. Fastenal has a 12 month low of $43.73 and a 12 month high of $59.43.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Thursday, July 13th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fastenal had a net margin of 15.52% and a return on equity of 34.63%. The business’s revenue was up 5.9% compared to the same quarter last year. During the same period last year, the company earned $0.50 earnings per share. On average, equities analysts forecast that Fastenal will post 1.98 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, July 27th were paid a $0.35 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.55%. Fastenal’s dividend payout ratio (DPR) is presently 71.07%.

Fastenal Company Profile

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.