Fastenal (NASDAQ:FAST) Shares Sold by Ballentine Partners LLC

Ballentine Partners LLC decreased its holdings in shares of Fastenal (NASDAQ:FAST) by 5.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 10,250 shares of the company’s stock after selling 582 shares during the period. Ballentine Partners LLC’s holdings in Fastenal were worth $644,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Nomura Holdings Inc. purchased a new stake in Fastenal during the 4th quarter worth approximately $747,000. Focus Financial Network Inc. ADV purchased a new position in Fastenal in the 4th quarter worth $1,282,000. Clear Rock Advisors LLC acquired a new stake in Fastenal during the 4th quarter worth about $2,936,000. BI Asset Management Fondsmaeglerselskab A S grew its stake in Fastenal by 98.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock valued at $9,126,000 after purchasing an additional 58,726 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in Fastenal during the 4th quarter valued at about $1,078,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the subject of several research analyst reports. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Stephens restated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. Morgan Stanley initiated coverage on shares of Fastenal in a research note on Friday. They issued an “equal weight” rating and a $72.00 price objective on the stock. Finally, Stifel Nicolaus reissued a “buy” rating and set a $80.00 target price (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $67.43.

Fastenal Stock Performance

FAST opened at $68.09 on Tuesday. The firm has a fifty day moving average price of $66.83 and a 200 day moving average price of $68.62. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04. The stock has a market cap of $38.99 billion, a P/E ratio of 33.88, a P/E/G ratio of 3.59 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the firm posted $0.52 earnings per share. The company’s revenue was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.29%. The ex-dividend date was Friday, July 26th. Fastenal’s payout ratio is currently 77.61%.

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.