Fastenal (NASDAQ:FAST) Stock Position Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its stake in shares of Fastenal (NASDAQ:FASTFree Report) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 412,426 shares of the company’s stock after selling 4,603 shares during the quarter. PNC Financial Services Group Inc. owned about 0.07% of Fastenal worth $26,713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in shares of Fastenal by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,830,951 shares of the company’s stock worth $751,780,000 after purchasing an additional 423,112 shares during the period. Morgan Stanley raised its holdings in Fastenal by 4.1% during the 3rd quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock worth $468,957,000 after buying an additional 337,168 shares during the period. Northern Trust Corp lifted its stake in Fastenal by 5.9% during the third quarter. Northern Trust Corp now owns 7,444,498 shares of the company’s stock valued at $406,767,000 after buying an additional 413,572 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Fastenal by 16.5% in the third quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock worth $368,563,000 after buying an additional 957,091 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of Fastenal by 9.3% in the 3rd quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after acquiring an additional 568,372 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other news, VP Charles S. Miller sold 11,076 shares of Fastenal stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $75.16, for a total value of $832,472.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Daniel L. Johnson bought 3,350 shares of Fastenal stock in a transaction that occurred on Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares in the company, valued at $724,486.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $832,472.16. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Loop Capital lowered their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Stifel Nicolaus upped their price objective on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Robert W. Baird decreased their target price on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. 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 note on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $67.33.

Check Out Our Latest Stock Analysis on Fastenal

Fastenal Trading Up 0.4 %

Fastenal stock opened at $66.66 on Tuesday. Fastenal has a one year low of $52.86 and a one year high of $79.04. The company’s fifty day moving average price is $71.57 and its two-hundred day moving average price is $67.87. The company has a market capitalization of $38.17 billion, a price-to-earnings ratio of 33.00, a PEG ratio of 3.48 and a beta of 1.07. 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:FASTGet Free Report) last issued its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. On average, analysts forecast that Fastenal will post 2.12 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 24th. Fastenal’s payout ratio is 77.23%.

Fastenal Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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