General Partner Inc. Trims Stock Holdings in Fastenal (NASDAQ:FAST)

General Partner Inc. reduced its holdings in shares of Fastenal (NASDAQ:FAST) by 8.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,189 shares of the company’s stock after selling 1,000 shares during the quarter. General Partner Inc.’s holdings in Fastenal were worth $728,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nomura Holdings Inc. bought a new position in shares of Fastenal in the fourth quarter worth $747,000. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Fastenal by 98.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock worth $9,126,000 after purchasing an additional 58,726 shares during the period. Virtu Financial LLC bought a new stake in shares of Fastenal during the fourth quarter valued at about $1,078,000. Empowered Funds LLC increased its position in shares of Fastenal by 205.4% during the first quarter. Empowered Funds LLC now owns 27,181 shares of the company’s stock valued at $2,097,000 after buying an additional 18,281 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Fastenal by 499.7% in the first quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock valued at $10,186,000 after acquiring an additional 110,027 shares during the period. 81.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FAST shares. Stifel Nicolaus reaffirmed 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. Stephens reiterated an “equal weight” rating and issued a $56.00 price objective on shares of Fastenal in a research report on Monday, July 15th. Morgan Stanley initiated coverage on Fastenal in a research note on Friday, September 6th. They set an “equal weight” rating and a $72.00 price objective for the company. Finally, Jefferies Financial Group decreased their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $67.43.

Fastenal Price Performance

FAST opened at $71.38 on Thursday. 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 stock has a market capitalization of $40.87 billion, a P/E ratio of 35.51, a PEG ratio of 3.92 and a beta of 1.01. The stock has a 50-day moving average price of $68.54 and a 200-day moving average price of $68.24. Fastenal has a 12-month low of $53.94 and a 12-month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting analysts’ consensus estimates of $0.51. The business 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 period last year, the business earned $0.52 earnings per share. Equities analysts predict that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.19%. The ex-dividend date was Friday, July 26th. Fastenal’s dividend payout ratio is presently 77.61%.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction dated 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 owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related 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 value 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 $19,929,734.24. The sale was disclosed in a legal 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 on 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 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.

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.