Oppenheimer & Co. Inc. Has $2.54 Million Stock Position in Fastenal (NASDAQ:FAST)

Oppenheimer & Co. Inc. reduced its holdings in shares of Fastenal (NASDAQ:FAST) by 2.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,463 shares of the company’s stock after selling 1,158 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Fastenal were worth $2,543,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FAST. Central Valley Advisors LLC bought a new position in Fastenal in the second quarter valued at about $28,000. MCF Advisors LLC increased its stake in shares of Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after buying an additional 391 shares during the period. Triad Wealth Partners LLC bought a new position in Fastenal in the 2nd quarter valued at approximately $32,000. Crewe Advisors LLC boosted its position in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares during the period. Finally, OFI Invest Asset Management bought a new stake in Fastenal during the 2nd quarter worth approximately $35,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FAST. Morgan Stanley began coverage on Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price for the company. Jefferies Financial Group lowered their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Stephens reissued an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $67.43.

Fastenal Stock Performance

Shares of FAST stock opened at $70.09 on Tuesday. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $67.50 and a two-hundred day simple moving average of $68.50. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The firm has a market capitalization of $40.14 billion, a PE ratio of 34.87, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last posted its earnings results 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 company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. Analysts forecast that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Activity

In related news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Fastenal 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.