Thrivent Financial for Lutherans Has $319.22 Million Holdings in Fastenal (NASDAQ:FAST)

Thrivent Financial for Lutherans raised its stake in shares of Fastenal (NASDAQ:FAST) by 1.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,469,636 shares of the company’s stock after purchasing an additional 48,977 shares during the quarter. Fastenal accounts for about 0.6% of Thrivent Financial for Lutherans’ investment portfolio, making the stock its 11th biggest position. Thrivent Financial for Lutherans owned about 0.78% of Fastenal worth $319,221,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of FAST. Verdence Capital Advisors LLC raised its stake in Fastenal by 1.9% during the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock worth $545,000 after acquiring an additional 142 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock worth $186,000 after buying an additional 143 shares during the period. Compass Ion Advisors LLC lifted its holdings in shares of Fastenal by 1.5% in the third quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock valued at $709,000 after purchasing an additional 146 shares in the last quarter. Catalina Capital Group LLC lifted its position in shares of Fastenal by 4.5% in the third quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock worth $240,000 after purchasing an additional 146 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. raised its holdings in Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after acquiring an additional 150 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. The trade was a 14.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Holden Lewis sold 30,000 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.52, for a total value of $2,295,600.00. Following the sale, the chief financial officer now owns 9,881 shares of the company’s stock, valued at $756,094.12. This represents a 75.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 254,033 shares of company stock valued at $19,240,434. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. UBS Group initiated coverage on Fastenal in a research report on Wednesday. They set a “neutral” rating and a $88.00 price objective for the company. Stephens increased their target price on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Robert W. Baird boosted their price target on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $74.80.

Fastenal Stock Performance

Shares of FAST stock opened at $81.85 on Friday. Fastenal has a one year low of $59.47 and a one year high of $84.88. The firm has a 50-day moving average of $74.96 and a 200-day moving average of $69.23. The company has a market cap of $46.89 billion, a P/E ratio of 40.72, a P/E/G ratio of 4.80 and a beta of 0.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29.

Fastenal (NASDAQ:FAST) last posted 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 for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 earnings per share. Equities research analysts forecast that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

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.