Fastenal (NASDAQ:FAST) Stake Increased by Montecito Bank & Trust

Montecito Bank & Trust increased its holdings in shares of Fastenal (NASDAQ:FAST) by 103.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 10,360 shares of the company’s stock after purchasing an additional 5,272 shares during the quarter. Montecito Bank & Trust’s holdings in Fastenal were worth $740,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norden Group LLC increased its holdings in shares of Fastenal by 57.9% in the 1st quarter. Norden Group LLC now owns 7,399 shares of the company’s stock valued at $571,000 after purchasing an additional 2,712 shares during the period. Texas Permanent School Fund Corp lifted its position in Fastenal by 0.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 118,296 shares of the company’s stock worth $9,125,000 after buying an additional 307 shares in the last quarter. Empirical Finance LLC boosted its stake in shares of Fastenal by 3.5% during the 1st quarter. Empirical Finance LLC now owns 20,667 shares of the company’s stock valued at $1,594,000 after buying an additional 690 shares during the period. Empowered Funds LLC grew its holdings in shares of Fastenal by 205.4% during the 1st quarter. Empowered Funds LLC now owns 27,181 shares of the company’s stock valued at $2,097,000 after acquiring an additional 18,281 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Fastenal by 252.8% in the first quarter. SG Americas Securities LLC now owns 97,551 shares of the company’s stock worth $7,525,000 after acquiring an additional 69,904 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 0.6 %

FAST stock opened at $83.10 on Friday. Fastenal has a twelve month low of $59.00 and a twelve month high of $83.80. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The company has a market cap of $47.61 billion, a PE ratio of 41.34, a price-to-earnings-growth ratio of 4.56 and a beta of 0.99. The business’s 50-day simple moving average is $72.67 and its 200 day simple moving average is $68.48.

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

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FAST. Bank of America assumed coverage on Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective for the company. JPMorgan Chase & Co. boosted 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. Morgan Stanley raised their price objective on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Stephens boosted their target price on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Robert W. Baird raised their price target on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average price target of $73.33.

Insider Activity

In related news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction on Monday, October 14th. The shares were sold at an average price of $76.32, for a total value of $37,244.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 190,261 shares of company stock worth $13,874,979. Corporate insiders own 0.41% of the company’s stock.

Fastenal Company Profile

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.