Citizens Financial Group Inc. RI Trims Stake in Fastenal (NASDAQ:FAST)

Citizens Financial Group Inc. RI lessened its holdings in shares of Fastenal (NASDAQ:FAST) by 67.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,574 shares of the company’s stock after selling 9,366 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Fastenal were worth $327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Verdence Capital Advisors LLC lifted its position in Fastenal by 1.9% during the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock valued at $545,000 after purchasing an additional 142 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after acquiring an additional 143 shares during the period. Compass Ion Advisors LLC increased its holdings in Fastenal by 1.5% in the 3rd quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock worth $709,000 after acquiring an additional 146 shares in the last quarter. Catalina Capital Group LLC raised its stake in Fastenal by 4.5% during the 3rd quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock worth $240,000 after acquiring an additional 146 shares during the period. Finally, Sara Bay Financial lifted its holdings 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 purchasing an additional 155 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Up 0.9 %

NASDAQ FAST opened at $83.08 on Friday. The stock has a 50 day moving average price of $76.26 and a 200-day moving average price of $69.74. Fastenal has a one year low of $59.47 and a one year high of $84.88. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. The company has a market capitalization of $47.60 billion, a P/E ratio of 41.33, a P/E/G ratio of 4.83 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. Fastenal’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 earnings per share. As a group, equities analysts predict that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders 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 1.88%. Fastenal’s payout ratio is currently 77.61%.

Insider Buying and Selling at Fastenal

In related news, Director Daniel L. Johnson sold 8,474 shares of Fastenal stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total transaction of $706,392.64. Following the completion of the transaction, the director now directly owns 10,595 shares of the company’s stock, valued at approximately $883,199.20. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Lewis Soderberg sold 488 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $76.32, for a total transaction of $37,244.16. The disclosure for this sale can be found here. Insiders have sold a total of 208,289 shares of company stock worth $16,123,438 over the last ninety days. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FAST. Morgan Stanley increased their price objective on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. boosted their price objective on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. UBS Group initiated coverage on Fastenal in a research report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price for the company. Robert W. Baird lifted their target price on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Stephens upped their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.