Fifth Third Wealth Advisors LLC Grows Position in Fastenal (NASDAQ:FAST)

Fifth Third Wealth Advisors LLC grew its holdings in shares of Fastenal (NASDAQ:FAST) by 6.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,931 shares of the company’s stock after purchasing an additional 368 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Fastenal were worth $426,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Community Trust & Investment Co. lifted its position in Fastenal by 5.8% during the fourth quarter. Community Trust & Investment Co. now owns 7,630 shares of the company’s stock valued at $549,000 after purchasing an additional 420 shares during the last quarter. Oak Thistle LLC lifted its holdings in shares of Fastenal by 331.9% during the 4th quarter. Oak Thistle LLC now owns 33,935 shares of the company’s stock worth $2,440,000 after acquiring an additional 26,077 shares during the last quarter. Armstrong Henry H Associates Inc. grew its position in Fastenal by 29.9% in the fourth quarter. Armstrong Henry H Associates Inc. now owns 36,367 shares of the company’s stock worth $2,615,000 after acquiring an additional 8,380 shares in the last quarter. Courier Capital LLC purchased a new position in Fastenal in the fourth quarter worth $1,187,000. Finally, Eastern Bank increased its stake in Fastenal by 440.7% in the fourth quarter. Eastern Bank now owns 984 shares of the company’s stock valued at $71,000 after acquiring an additional 802 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity

In other news, VP Charles S. Miller sold 23,480 shares of Fastenal stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.92, for a total transaction of $1,970,441.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 31,818 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $24,168,521. The trade was a 10.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,660 shares of company stock valued at $6,211,126. Company insiders own 0.41% of the company’s stock.

Fastenal Stock Up 0.7 %

NASDAQ FAST opened at $74.77 on Friday. Fastenal has a 1 year low of $61.36 and a 1 year high of $84.88. The stock has a market capitalization of $42.83 billion, a PE ratio of 37.20, a PEG ratio of 3.94 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The business’s 50-day moving average is $78.23 and its 200 day moving average is $72.82.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be given a $0.43 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.30%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FAST shares. Morgan Stanley increased 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. HSBC downgraded shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target on the stock. in a research note on Wednesday, December 11th. Bank of America assumed coverage on shares of Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Stifel Nicolaus cut shares of Fastenal from a “buy” rating to a “hold” rating and set a $86.00 target price on the stock. in a research report on Wednesday, December 11th. Finally, Robert W. Baird upped their price target on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $77.27.

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.