Fastenal (NASDAQ:FAST) Shares Sold by Oak Asset Management LLC

Oak Asset Management LLC lessened its stake in Fastenal (NASDAQ:FAST) by 0.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 97,431 shares of the company’s stock after selling 785 shares during the period. Fastenal makes up about 2.8% of Oak Asset Management LLC’s investment portfolio, making the stock its 7th biggest position. Oak Asset Management LLC’s holdings in Fastenal were worth $7,516,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Hartford Financial Management Inc. increased its stake in Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares during the last quarter. MCF Advisors LLC increased its stake in Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Fastenal during the fourth quarter worth $35,000. Criterion Capital Advisors LLC acquired a new stake in Fastenal during the fourth quarter worth $43,000. Finally, First Horizon Advisors Inc. increased its stake in Fastenal by 283.2% during the fourth quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock worth $49,000 after acquiring an additional 558 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insiders Place Their Bets

In other Fastenal news, Director Daniel L. Johnson purchased 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was bought at an average cost of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fastenal news, Director Daniel L. Johnson purchased 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was bought at an average cost of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hsenghung Sam Hsu purchased 500 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were acquired at an average cost of $63.28 per share, with a total value of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is owned by company insiders.

Fastenal Trading Down 0.8 %

NASDAQ:FAST opened at $62.84 on Monday. The firm has a market cap of $35.98 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 3.36 and a beta of 1.01. The stock has a fifty day moving average price of $65.84 and a 200 day moving average price of $68.65. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FAST) last released its earnings results 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). The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. Sell-side analysts anticipate that Fastenal will post 2.08 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, April 25th were issued a $0.39 dividend. The ex-dividend date was Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a yield of 2.48%. Fastenal’s dividend payout ratio (DPR) is presently 77.23%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Robert W. Baird cut their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Loop Capital dropped 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. HSBC lifted their price objective on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus lifted their price objective on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $68.80.

About Fastenal

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.