Wealth Enhancement Advisory Services LLC Sells 43,366 Shares of Fastenal (NASDAQ:FAST)

Wealth Enhancement Advisory Services LLC reduced its holdings in shares of Fastenal (NASDAQ:FAST) by 20.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 167,632 shares of the company’s stock after selling 43,366 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Fastenal were worth $11,972,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Legal & General Group Plc grew its stake in shares of Fastenal by 3.4% during the 2nd quarter. Legal & General Group Plc now owns 5,909,206 shares of the company’s stock worth $371,334,000 after acquiring an additional 193,734 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Fastenal by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 4,665,482 shares of the company’s stock valued at $293,179,000 after buying an additional 66,130 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Fastenal by 13.2% in the second quarter. Thrivent Financial for Lutherans now owns 4,420,659 shares of the company’s stock valued at $277,794,000 after buying an additional 517,172 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Fastenal by 19.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after buying an additional 636,546 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in shares of Fastenal by 21.2% in the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock valued at $250,617,000 after buying an additional 569,118 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Fastenal Trading Up 1.1 %

Shares of FAST stock opened at $76.67 on Tuesday. The stock has a market cap of $43.90 billion, a price-to-earnings ratio of 38.14, a PEG ratio of 4.48 and a beta of 1.01. The stock has a 50-day moving average of $71.11 and a 200-day moving average of $67.98. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. Fastenal has a 1-year low of $57.56 and a 1-year high of $79.04.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business 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 posted $0.52 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. On average, equities research analysts forecast that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 2.03%. Fastenal’s payout ratio is currently 77.61%.

Wall Street Analyst Weigh In

FAST has been the subject of several analyst reports. Robert W. Baird raised their target price on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Morgan Stanley raised their target price on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $86.00 price objective (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. JPMorgan Chase & Co. raised their target price on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, Stephens raised their target price on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $73.33.

Insiders Place Their Bets

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Daniel L. Florness sold 50,000 shares of the firm’s 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the firm’s 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 179,373 shares of company stock worth $13,029,308. Corporate 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.