Summit Global Investments Decreases Stock Holdings in Fastenal (NASDAQ:FAST)

Summit Global Investments lowered its position in Fastenal (NASDAQ:FAST) by 9.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,521 shares of the company’s stock after selling 610 shares during the period. Summit Global Investments’ holdings in Fastenal were worth $358,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FAST. Pinnacle Associates Ltd. increased its holdings in shares of Fastenal by 19.5% during the third quarter. Pinnacle Associates Ltd. now owns 8,570 shares of the company’s stock valued at $468,000 after acquiring an additional 1,396 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Fastenal by 12.6% in the third quarter. Verdence Capital Advisors LLC now owns 14,324 shares of the company’s stock worth $783,000 after acquiring an additional 1,606 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Fastenal by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,122 shares of the company’s stock worth $7,383,000 after purchasing an additional 3,359 shares during the last quarter. Castleview Partners LLC lifted its position in Fastenal by 6.1% during the third quarter. Castleview Partners LLC now owns 3,942 shares of the company’s stock valued at $215,000 after purchasing an additional 226 shares during the period. Finally, IFM Investors Pty Ltd boosted its holdings in Fastenal by 4.1% in the third quarter. IFM Investors Pty Ltd now owns 110,695 shares of the company’s stock valued at $6,048,000 after purchasing an additional 4,359 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fastenal news, VP Charles S. Miller sold 11,076 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $75.16, for a total transaction of $832,472.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP Charles S. Miller sold 11,076 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.16, for a total value of $832,472.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Anthony Paul Broersma sold 5,586 shares of the 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,082 shares of company stock valued at $2,584,060. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of recent research reports. Loop Capital reduced their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Robert W. Baird decreased their target price on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Stifel Nicolaus boosted their price target on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, HSBC upped their price target on shares of Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research report on Monday, April 15th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average target price of $67.67.

Fastenal Trading Up 0.5 %

Shares of Fastenal stock opened at $68.43 on Monday. Fastenal has a 1-year low of $52.85 and a 1-year high of $79.04. The stock has a market cap of $39.18 billion, a P/E ratio of 33.88, a P/E/G ratio of 3.58 and a beta of 1.07. The stock’s 50 day simple moving average is $73.13 and its 200-day simple moving average is $67.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the business posted $0.52 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts predict that Fastenal will post 2.12 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 annualized dividend and a dividend yield of 2.28%. Fastenal’s dividend payout ratio is presently 77.23%.

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, 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 that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.