Liberty Capital Management Inc. Reduces Holdings in Fastenal (NASDAQ:FAST)

Liberty Capital Management Inc. lowered its position in Fastenal (NASDAQ:FAST) by 1.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 61,940 shares of the company’s stock after selling 742 shares during the quarter. Fastenal comprises 1.2% of Liberty Capital Management Inc.’s investment portfolio, making the stock its 28th largest holding. Liberty Capital Management Inc.’s holdings in Fastenal were worth $4,778,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Advisory Services LLC increased its position in shares of Fastenal by 8.8% during the third quarter. Kestra Advisory Services LLC now owns 16,126 shares of the company’s stock valued at $881,000 after buying an additional 1,303 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in Fastenal during the third quarter valued at $1,671,000. CI Investments Inc. grew its position in Fastenal by 3.0% during the third quarter. CI Investments Inc. now owns 10,442 shares of the company’s stock worth $571,000 after buying an additional 309 shares in the last quarter. Clearbridge Investments LLC increased its stake in Fastenal by 29.5% in the 3rd quarter. Clearbridge Investments LLC now owns 8,951 shares of the company’s stock worth $489,000 after acquiring an additional 2,038 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board raised its holdings in shares of Fastenal by 563.5% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 50,334 shares of the company’s stock valued at $2,750,000 after acquiring an additional 42,748 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu acquired 500 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was acquired at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Hsenghung Sam Hsu purchased 500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the transaction, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel L. Johnson acquired 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was purchased at an average price of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The disclosure for this purchase can be found here. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. HSBC lifted their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Robert W. Baird lowered their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Loop Capital cut their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. Finally, Stifel Nicolaus raised their price objective on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus price target of $68.80.

Fastenal Trading Up 0.3 %

FAST traded up $0.22 on Friday, hitting $65.34. 5,753,866 shares of the company were exchanged, compared to its average volume of 3,186,223. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. The firm has a fifty day simple moving average of $66.29 and a two-hundred day simple moving average of $68.53. The stock has a market capitalization of $37.41 billion, a PE ratio of 32.35, a price-to-earnings-growth ratio of 3.48 and a beta of 1.02. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 EPS. Sell-side analysts expect that Fastenal will post 2.08 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.39%. Fastenal’s dividend payout ratio is currently 77.23%.

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.