Fastenal (NASDAQ:FAST) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in shares of Fastenal (NASDAQ:FAST) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,665,482 shares of the company’s stock after buying an additional 66,130 shares during the period. Envestnet Asset Management Inc. owned approximately 0.81% of Fastenal worth $293,179,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in FAST. Central Valley Advisors LLC acquired a new stake in Fastenal during the second quarter worth about $28,000. MCF Advisors LLC grew its holdings in shares of Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares during the period. Triad Wealth Partners LLC acquired a new stake in Fastenal during the 2nd quarter worth approximately $32,000. Crewe Advisors LLC raised its holdings in Fastenal by 528.4% in the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after buying an additional 428 shares during the period. Finally, OFI Invest Asset Management acquired a new position in Fastenal during the second quarter valued at approximately $35,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction 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 of the company’s stock, valued at $19,489,266.52. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $69.82 on Friday. The company has a market capitalization of $39.98 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. 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 12 month low of $53.83 and a 12 month high of $79.04. The company’s fifty day moving average price is $67.35 and its two-hundred day moving average price is $68.56.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 earnings per share. As a group, research analysts predict that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.23%. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Analyst Ratings Changes

FAST has been the topic of a number of research reports. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 target price (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group cut their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stephens reiterated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Finally, Morgan Stanley initiated coverage on Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $67.43.

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.