Trust Co. of Virginia VA Reduces Stake in Fastenal (NASDAQ:FAST)

Trust Co. of Virginia VA trimmed its stake in Fastenal (NASDAQ:FAST) by 3.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 188,881 shares of the company’s stock after selling 6,537 shares during the quarter. Fastenal makes up 1.4% of Trust Co. of Virginia VA’s holdings, making the stock its 27th biggest position. Trust Co. of Virginia VA’s holdings in Fastenal were worth $14,570,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Morgan Stanley lifted its stake in shares of Fastenal by 4.1% during the 3rd quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock valued at $468,957,000 after buying an additional 337,168 shares in the last quarter. Baird Financial Group Inc. lifted its stake in shares of Fastenal by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after buying an additional 1,043,529 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Fastenal by 9.3% during the 3rd quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after buying an additional 568,372 shares in the last quarter. Norges Bank purchased a new stake in shares of Fastenal during the 4th quarter valued at approximately $405,513,000. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Fastenal by 2.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock valued at $310,931,000 after buying an additional 109,028 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. HSBC upped their price target on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Stifel Nicolaus upped their price target on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Robert W. Baird decreased their target price on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Finally, Loop Capital decreased their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and an average target price of $68.80.

Fastenal Price Performance

Shares of NASDAQ:FAST traded down $0.49 during trading on Friday, reaching $62.84. The company had a trading volume of 5,921,891 shares, compared to its average volume of 3,313,607. The company has a fifty day moving average of $65.84 and a two-hundred day moving average of $68.59. The stock has a market capitalization of $35.98 billion, a P/E ratio of 31.11, a price-to-earnings-growth ratio of 3.38 and a beta of 1.02. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. Fastenal’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 EPS. Equities research analysts forecast that Fastenal will post 2.08 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, April 25th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Wednesday, April 24th. Fastenal’s dividend payout ratio is currently 77.23%.

Insider Activity at Fastenal

In other Fastenal news, Director Daniel L. Johnson bought 3,350 shares of Fastenal stock in a transaction that occurred on Wednesday, April 17th. The shares were bought at an average price of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now owns 10,595 shares in the company, valued at $724,486.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fastenal news, Director Daniel L. Johnson bought 3,350 shares of Fastenal stock in a transaction that occurred on Wednesday, April 17th. The shares were bought at an average price of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now owns 10,595 shares in the company, valued at $724,486.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James C. Jansen sold 11,428 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total transaction of $732,191.96. Following the sale, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at approximately $1,677,096.32. The disclosure for this sale can be found here. 0.41% of the stock is owned by insiders.

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.