Fastenal (NASDAQ:FAST) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC lowered its stake in shares of Fastenal (NASDAQ:FAST) by 1.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,362 shares of the company’s stock after selling 383 shares during the period. Wealthspire Advisors LLC’s holdings in Fastenal were worth $1,845,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FAST. Thoroughbred Financial Services LLC grew its holdings in shares of Fastenal by 22.8% during the second quarter. Thoroughbred Financial Services LLC now owns 53,088 shares of the company’s stock worth $3,336,000 after buying an additional 9,871 shares in the last quarter. Stoneridge Investment Partners LLC acquired a new stake in Fastenal during the second quarter worth approximately $311,000. Dai ichi Life Insurance Company Ltd grew its stake in Fastenal by 10.5% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 93,684 shares of the company’s stock worth $5,887,000 after acquiring an additional 8,878 shares during the period. HBK Sorce Advisory LLC raised its holdings in Fastenal by 7.4% in the 2nd quarter. HBK Sorce Advisory LLC now owns 3,996 shares of the company’s stock valued at $251,000 after acquiring an additional 275 shares during the last quarter. Finally, GHP Investment Advisors Inc. lifted its stake in shares of Fastenal by 33.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 1,069 shares of the company’s stock worth $67,000 after purchasing an additional 268 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

FAST opened at $69.82 on Friday. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04. The firm has a 50 day moving average price of $67.35 and a 200 day moving average price of $68.56. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. The company has a market cap of $39.98 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 earnings per share. Sell-side analysts expect that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated 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 owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Stephens reiterated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a report on Monday, July 15th. Jefferies Financial Group decreased their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Morgan Stanley began coverage on shares of Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target for the company. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently 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.