Rockland Trust Co. Sells 1,268 Shares of Fastenal (NASDAQ:FAST)

Rockland Trust Co. cut its holdings in Fastenal (NASDAQ:FAST) by 13.1% during the third quarter, Holdings Channel.com reports. The fund owned 8,433 shares of the company’s stock after selling 1,268 shares during the period. Rockland Trust Co.’s holdings in Fastenal were worth $602,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FAST. Central Valley Advisors LLC acquired a new stake in Fastenal in the second quarter worth $28,000. MCF Advisors LLC grew its stake in 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 acquiring an additional 391 shares during the period. Triad Wealth Partners LLC acquired a new position in Fastenal in the second quarter valued at about $32,000. Crewe Advisors LLC increased its holdings in shares of Fastenal by 528.4% in the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after acquiring an additional 428 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Fastenal during the second quarter worth about $35,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Down 0.7 %

Fastenal stock traded down $0.53 during mid-day trading on Friday, reaching $70.18. The company’s stock had a trading volume of 2,071,669 shares, compared to its average volume of 3,349,273. The business’s 50 day simple moving average is $68.57 and its 200 day simple moving average is $68.22. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. Fastenal has a 12 month low of $54.69 and a 12 month high of $79.04. The company has a market capitalization of $40.18 billion, a price-to-earnings ratio of 34.92, a price-to-earnings-growth ratio of 3.92 and a beta of 1.01.

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

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were paid a $0.39 dividend. The ex-dividend date was Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.22%. Fastenal’s dividend payout ratio is presently 77.61%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Morgan Stanley initiated coverage on Fastenal in a research note 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 shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Stephens reaffirmed an “equal weight” rating and issued a $56.00 price objective on shares of Fastenal in a research report on Monday, July 15th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $67.43.

Insider Activity at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Fastenal Company 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.