Sequoia Financial Advisors LLC Grows Holdings in Fastenal (NASDAQ:FAST)

Sequoia Financial Advisors LLC grew its stake in shares of Fastenal (NASDAQ:FAST) by 1.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,137 shares of the company’s stock after purchasing an additional 165 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Fastenal were worth $653,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FAST. MCF Advisors LLC lifted its holdings in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after buying an additional 391 shares in the last quarter. Central Valley Advisors LLC bought a new stake in shares of Fastenal during the second quarter valued at approximately $28,000. Moisand Fitzgerald Tamayo LLC boosted its holdings in shares of Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after purchasing an additional 428 shares during the period. LRI Investments LLC bought a new position in Fastenal in the first quarter worth approximately $39,000. Finally, Triad Wealth Partners LLC purchased a new position in Fastenal during the 2nd quarter worth $32,000. 81.38% of the stock is currently owned by institutional investors.

Fastenal Trading Up 0.8 %

NASDAQ:FAST opened at $75.85 on Friday. The stock has a market capitalization of $43.45 billion, a price-to-earnings ratio of 37.74, a PEG ratio of 4.48 and a beta of 1.01. Fastenal has a 52 week low of $57.01 and a 52 week high of $79.04. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The firm has a 50 day moving average of $70.91 and a 200 day moving average of $68.04.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter last year, the firm earned $0.52 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Announces Dividend

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

Insider Buying and Selling

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 value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Sheryl Ann Lisowski sold 13,567 shares of Fastenal stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.19, for a total value of $1,033,669.73. Following the sale, the chief accounting officer now owns 5,096 shares in the company, valued at $388,264.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 179,373 shares of company stock worth $13,029,308. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FAST. Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. 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 note on Thursday, July 11th. Bank of America assumed coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 target price on the stock. Robert W. Baird upped their price target on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus target price of $73.33.

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.