Curbstone Financial Management Corp Cuts Position in Fastenal (NASDAQ:FAST)

Curbstone Financial Management Corp lessened its holdings in Fastenal (NASDAQ:FAST) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,932 shares of the company’s stock after selling 500 shares during the period. Curbstone Financial Management Corp’s holdings in Fastenal were worth $995,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Penobscot Investment Management Company Inc. boosted its stake in shares of Fastenal by 1.1% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after buying an additional 150 shares during the last quarter. Sara Bay Financial raised its holdings in shares of Fastenal by 1.3% in the 2nd quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after purchasing an additional 155 shares during the period. Trueblood Wealth Management LLC raised its holdings in shares of Fastenal by 1.4% in the 2nd quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after purchasing an additional 156 shares during the period. Team Hewins LLC raised its holdings in shares of Fastenal by 4.8% in the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after purchasing an additional 157 shares during the period. Finally, Bleakley Financial Group LLC raised its holdings in shares of Fastenal by 2.0% in the 1st quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock worth $630,000 after purchasing an additional 159 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

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

Wall Street Analysts Forecast Growth

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

Fastenal Trading Down 0.9 %

Shares of FAST stock opened at $70.71 on Friday. The company’s fifty day simple moving average is $68.57 and its two-hundred day simple moving average is $68.26. 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 has a 1 year low of $53.97 and a 1 year high of $79.04. The stock has a market capitalization of $40.48 billion, a price-to-earnings ratio of 35.18, a PEG ratio of 3.92 and a beta of 1.01.

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

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a $0.39 dividend. The ex-dividend date was Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.21%. 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.