Dorsey & Whitney Trust CO LLC Sells 1,544 Shares of Fastenal (NASDAQ:FAST)

Dorsey & Whitney Trust CO LLC decreased its position in Fastenal (NASDAQ:FAST) by 0.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 179,584 shares of the company’s stock after selling 1,544 shares during the quarter. Fastenal accounts for 0.8% of Dorsey & Whitney Trust CO LLC’s portfolio, making the stock its 29th biggest holding. Dorsey & Whitney Trust CO LLC’s holdings in Fastenal were worth $11,285,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Central Valley Advisors LLC purchased a new stake in Fastenal during the second quarter valued at $28,000. MCF Advisors LLC increased its holdings in shares of Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after buying an additional 391 shares during the last quarter. Triad Wealth Partners LLC purchased a new stake in shares of Fastenal during the 2nd quarter valued at about $32,000. Crewe Advisors LLC lifted its holdings in shares of Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after acquiring an additional 428 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in Fastenal in the second quarter worth about $35,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.41% of the company’s stock.

Fastenal Price Performance

FAST opened at $68.09 on Tuesday. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average of $66.83 and a 200 day moving average of $68.62. Fastenal has a 52-week low of $53.83 and a 52-week high of $79.04. The stock has a market cap of $38.99 billion, a P/E ratio of 33.88, a PEG ratio of 3.59 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 earnings per share. As a group, sell-side analysts anticipate that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FAST shares. Stifel Nicolaus restated a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Morgan Stanley began coverage on Fastenal in a report on Friday. They set an “equal weight” rating and a $72.00 price target on the stock. Jefferies Financial Group dropped their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Stephens reissued an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $67.43.

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.