Fastenal (NASDAQ:FAST) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lessened its holdings in Fastenal (NASDAQ:FAST) by 15.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,709,422 shares of the company’s stock after selling 494,495 shares during the period. Bank of Montreal Can owned 0.47% of Fastenal worth $174,731,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Central Valley Advisors LLC acquired a new stake in shares of Fastenal during the second quarter valued at about $28,000. MCF Advisors LLC raised its holdings 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 purchasing an additional 391 shares in the last quarter. Triad Wealth Partners LLC acquired a new stake in Fastenal in the 2nd quarter valued at about $32,000. Crewe Advisors LLC grew its holdings in shares of Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after acquiring an additional 428 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new stake in shares of Fastenal during the second quarter valued at approximately $35,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on FAST. Stephens reiterated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Stifel Nicolaus reaffirmed a “buy” rating and set a $80.00 price target (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Jefferies Financial Group decreased 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. Finally, Morgan Stanley began coverage on shares of Fastenal in a research report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price objective on the stock. 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 currently has an average rating of “Hold” and an average price target of $67.43.

Insider Buying and Selling at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Daniel L. Florness sold 50,000 shares of the business’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 of the company’s stock, valued at $19,929,734.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly 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. Company insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $71.83 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. The business has a 50 day moving average price of $68.13 and a 200-day moving average price of $68.38. The firm has a market cap of $41.13 billion, a PE ratio of 35.74, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. Fastenal has a fifty-two week low of $53.94 and a fifty-two week high of $79.04.

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

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is presently 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.