Hills Bank & Trust Co Cuts Stake in Fastenal (NASDAQ:FAST)

Hills Bank & Trust Co trimmed its holdings in shares of Fastenal (NASDAQ:FAST) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,909 shares of the company’s stock after selling 7,004 shares during the period. Fastenal comprises about 1.0% of Hills Bank & Trust Co’s portfolio, making the stock its 21st largest position. Hills Bank & Trust Co’s holdings in Fastenal were worth $12,311,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Essex Financial Services Inc. lifted its stake in shares of Fastenal by 1.8% during the 4th quarter. Essex Financial Services Inc. now owns 8,539 shares of the company’s stock worth $553,000 after purchasing an additional 148 shares during the last quarter. Penobscot Investment Management Company Inc. grew its position in shares of Fastenal by 1.1% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after buying an additional 150 shares during the last quarter. Panagora Asset Management Inc. raised its stake in shares of Fastenal by 0.8% during the 4th quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock worth $1,237,000 after acquiring an additional 152 shares in the last quarter. Sara Bay Financial lifted its position in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after acquiring an additional 155 shares during the last quarter. Finally, Team Hewins LLC lifted its position in Fastenal by 4.8% during the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock valued at $263,000 after acquiring an additional 157 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST traded up $0.59 during mid-day trading on Friday, hitting $68.10. The company’s stock had a trading volume of 1,436,259 shares, compared to its average volume of 3,555,734. The stock has a market cap of $38.99 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 3.65 and a beta of 1.01. The business’s fifty day moving average is $66.17 and its two-hundred day moving average is $68.85. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. Fastenal’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. Analysts anticipate that Fastenal will post 2.05 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.29%. Fastenal’s dividend payout ratio is presently 77.61%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FAST. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Jefferies Financial Group cut their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Robert W. Baird lowered their target price on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $66.67.

Insider Buying and Selling

In other 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 sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP James C. Jansen sold 11,428 shares of Fastenal stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total value of $732,191.96. Following the sale, the executive vice president now directly owns 26,176 shares in the company, valued at approximately $1,677,096.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by insiders.

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.