Harvey Investment Co. LLC Has $39.12 Million Holdings in Fastenal (NASDAQ:FAST)

Harvey Investment Co. LLC reduced its stake in Fastenal (NASDAQ:FAST) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 547,679 shares of the company’s stock after selling 4,400 shares during the quarter. Fastenal comprises 4.4% of Harvey Investment Co. LLC’s holdings, making the stock its 4th largest holding. Harvey Investment Co. LLC owned about 0.10% of Fastenal worth $39,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in FAST. Hennion & Walsh Asset Management Inc. lifted its holdings in Fastenal by 21.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 29,671 shares of the company’s stock valued at $2,119,000 after buying an additional 5,316 shares during the period. X Square Capital LLC raised its position in shares of Fastenal by 4.0% in the 3rd quarter. X Square Capital LLC now owns 14,844 shares of the company’s stock worth $1,060,000 after acquiring an additional 566 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Fastenal by 7,701.4% in the 3rd quarter. International Assets Investment Management LLC now owns 269,849 shares of the company’s stock valued at $192,730,000 after purchasing an additional 266,390 shares during the period. Community Trust & Investment Co. bought a new stake in shares of Fastenal during the 3rd quarter valued at about $515,000. Finally, Pictet North America Advisors SA grew its stake in Fastenal by 1.5% during the third quarter. Pictet North America Advisors SA now owns 75,590 shares of the company’s stock worth $5,399,000 after purchasing an additional 1,081 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST opened at $75.42 on Thursday. The stock has a 50 day moving average of $70.56 and a 200 day moving average of $67.99. The company has a market capitalization of $43.18 billion, a price-to-earnings ratio of 37.78, a PEG ratio of 4.13 and a beta of 1.01. Fastenal has a 12 month low of $56.41 and a 12 month high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 EPS. As a group, sell-side analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Insider Activity

In related news, EVP Anthony Paul Broersma sold 680 shares of Fastenal stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total value of $52,944.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Anthony Paul Broersma sold 680 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 179,373 shares of company stock valued at $13,029,308 in the last three months. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FAST shares. Morgan Stanley boosted their price target on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Robert W. Baird upped their price objective on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Bank of America initiated coverage on Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 price target on the stock. Stifel Nicolaus reissued a “buy” rating and set a $86.00 target price (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.33.

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.