Envestnet Asset Management Inc. Cuts Stock Position in Fastenal (NASDAQ:FAST)

Envestnet Asset Management Inc. trimmed its holdings in shares of Fastenal (NASDAQ:FAST) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,757,922 shares of the company’s stock after selling 9,273 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.83% of Fastenal worth $342,142,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. purchased a new position in Fastenal during the fourth quarter valued at $16,648,000. Landscape Capital Management L.L.C. acquired a new position in shares of Fastenal during the 4th quarter worth about $1,095,000. Nicolet Advisory Services LLC acquired a new position in shares of Fastenal during the 4th quarter worth about $290,000. OneAscent Financial Services LLC purchased a new position in Fastenal in the 4th quarter valued at about $338,000. Finally, RFG Bristol Wealth Advisors LLC acquired a new stake in Fastenal in the 4th quarter worth about $295,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FAST shares. Hsbc Global Res downgraded Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Stifel Nicolaus decreased their price objective on Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. HSBC lowered shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price for the company. in a report on Wednesday, December 11th. William Blair raised shares of Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Finally, Wolfe Research raised shares of Fastenal from an “underperform” rating to a “peer perform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus target price of $76.91.

Fastenal Stock Performance

NASDAQ:FAST opened at $74.42 on Friday. The company’s 50-day moving average is $75.48 and its two-hundred day moving average is $76.19. Fastenal has a 1-year low of $61.36 and a 1-year high of $84.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28. The firm has a market capitalization of $42.68 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 3.58 and a beta of 1.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.46 earnings per share. Analysts forecast that Fastenal will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were issued a dividend of $0.43 per share. The ex-dividend date was Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.31%. Fastenal’s dividend payout ratio is currently 85.57%.

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.