Fastenal (NASDAQ:FAST) Stake Lessened by Hartford Investment Management Co.

Hartford Investment Management Co. trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,914 shares of the company’s stock after selling 698 shares during the quarter. Hartford Investment Management Co.’s holdings in Fastenal were worth $2,565,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC acquired a new position in Fastenal in the first quarter worth about $226,000. Brookstone Capital Management acquired a new position in shares of Fastenal in the 1st quarter worth approximately $316,000. DGS Capital Management LLC acquired a new position in shares of Fastenal in the 1st quarter worth approximately $294,000. Wealthcare Advisory Partners LLC increased its holdings in shares of Fastenal by 137.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 9,476 shares of the company’s stock valued at $731,000 after acquiring an additional 5,482 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Fastenal by 17.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 199,562 shares of the company’s stock valued at $15,394,000 after acquiring an additional 29,190 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Performance

FAST opened at $75.62 on Friday. 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 business’s 50 day moving average is $70.56 and its 200-day moving average is $67.99. The stock has a market cap of $43.30 billion, a PE ratio of 37.62, a price-to-earnings-growth ratio of 4.13 and a beta of 1.01. Fastenal has a twelve month low of $56.41 and a twelve month high of $79.04.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the business earned $0.52 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, analysts predict that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s payout ratio is currently 77.61%.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $19,489,266.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider William Joseph Drazkowski sold 16,362 shares of Fastenal stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the transaction, the insider now directly owns 5,997 shares in the company, valued at approximately $465,667.05. This trade 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 this link. Also, 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, 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. Insiders sold 179,373 shares of company stock worth $13,029,308 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 target price (up previously from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Bank of America initiated coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective for the company. Robert W. Baird raised their target price on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. upped their target price on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Stephens increased their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $73.33.

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.