Alpha Omega Wealth Management LLC Reduces Stock Position in Fastenal (NASDAQ:FAST)

Alpha Omega Wealth Management LLC trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 1.3% in the 3rd quarter, Holdings Channel reports. The firm owned 13,595 shares of the company’s stock after selling 175 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Fastenal were worth $971,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Czech National Bank increased its holdings in Fastenal by 6.9% during the third quarter. Czech National Bank now owns 116,654 shares of the company’s stock valued at $8,331,000 after buying an additional 7,559 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its position in shares of Fastenal by 15.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 2,276 shares of the company’s stock valued at $163,000 after acquiring an additional 308 shares during the period. Armstrong Henry H Associates Inc. increased its stake in shares of Fastenal by 2.3% in the 3rd quarter. Armstrong Henry H Associates Inc. now owns 27,987 shares of the company’s stock worth $1,999,000 after purchasing an additional 630 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Fastenal in the 2nd quarter worth $3,303,000. Finally, Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group lifted its position in Fastenal by 5.8% during the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 19,431 shares of the company’s stock valued at $1,221,000 after purchasing an additional 1,057 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 0.9 %

Fastenal stock opened at $70.71 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The firm’s 50 day moving average price is $68.57 and its 200-day moving average price is $68.26. Fastenal has a 1 year low of $53.97 and a 1 year high of $79.04. The stock has a market cap of $40.48 billion, a P/E ratio of 35.18, a PEG ratio of 3.92 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting 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 the consensus estimate of $1.91 billion. During the same period in the previous year, the firm posted $0.52 EPS. Fastenal’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts predict that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.21%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the transaction, the chief executive officer now 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 link. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred 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 owns 286,018 shares in the company, valued at $19,929,734.24. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FAST. Jefferies Financial Group decreased their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley started coverage on shares of Fastenal in a research note on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price on the stock. Stephens reiterated an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Finally, Stifel Nicolaus restated a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $67.43.

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.