Fisher Asset Management LLC Makes New Investment in Fastenal (NASDAQ:FAST)

Fisher Asset Management LLC purchased a new stake in shares of Fastenal (NASDAQ:FAST) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,334 shares of the company’s stock, valued at approximately $310,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Daiwa Securities Group Inc. increased its stake in Fastenal by 9.8% during the third quarter. Daiwa Securities Group Inc. now owns 174,968 shares of the company’s stock valued at $12,496,000 after purchasing an additional 15,553 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of Fastenal by 7.0% in the 3rd quarter. Larson Financial Group LLC now owns 4,407 shares of the company’s stock valued at $315,000 after buying an additional 288 shares during the period. Swedbank AB grew its position in shares of Fastenal by 1.9% during the 3rd quarter. Swedbank AB now owns 354,618 shares of the company’s stock valued at $25,327,000 after buying an additional 6,659 shares during the last quarter. Palisade Asset Management LLC raised its stake in Fastenal by 0.5% during the third quarter. Palisade Asset Management LLC now owns 56,671 shares of the company’s stock worth $4,047,000 after acquiring an additional 283 shares during the period. Finally, Cerity Partners LLC lifted its holdings in Fastenal by 12.4% in the third quarter. Cerity Partners LLC now owns 197,825 shares of the company’s stock worth $14,129,000 after acquiring an additional 21,771 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $19,929,734.24. This represents a 14.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sheryl Ann Lisowski sold 13,567 shares of the stock in a transaction on 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 of the company’s stock, valued at $388,264.24. This trade represents a 72.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 208,289 shares of company stock valued at $16,123,438 over the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Fastenal Stock Down 0.2 %

FAST stock opened at $83.56 on Monday. The firm’s 50-day moving average is $77.57 and its two-hundred day moving average is $70.34. The company has a market capitalization of $47.87 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99. Fastenal has a 52 week low of $59.49 and a 52 week high of $84.88. 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 (NASDAQ:FAST) last announced 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. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 earnings per share. On average, analysts forecast that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, October 25th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 1.87%. Fastenal’s dividend payout ratio is currently 77.61%.

Analyst Upgrades and Downgrades

FAST has been the subject of several recent research reports. Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Bank of America assumed coverage on shares of Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 price target for the company. UBS Group initiated coverage on shares of Fastenal in a report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price 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. Finally, Stephens raised their price target on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $74.80.

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.