Fiduciary Group LLC Sells 539 Shares of Fastenal (NASDAQ:FAST)

Fiduciary Group LLC lowered its holdings in Fastenal (NASDAQ:FAST) by 3.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,172 shares of the company’s stock after selling 539 shares during the period. Fiduciary Group LLC’s holdings in Fastenal were worth $953,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FAST. Central Valley Advisors LLC bought a new stake in shares of Fastenal in the second quarter valued at approximately $28,000. MCF Advisors LLC raised its holdings in Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after acquiring an additional 391 shares in the last quarter. Triad Wealth Partners LLC bought a new stake in shares of Fastenal during the 2nd quarter valued at $32,000. Crewe Advisors LLC lifted its position in shares of Fastenal by 528.4% during 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 period. Finally, OFI Invest Asset Management acquired a new stake in shares of Fastenal during the 2nd quarter worth $35,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price objective for the company. Jefferies Financial Group cut their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price objective (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Finally, Stephens restated an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $67.43.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.41% of the company’s stock.

Fastenal Price Performance

FAST stock opened at $69.82 on Friday. The stock has a market cap of $39.98 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 3.78 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The company has a 50 day simple moving average of $67.35 and a 200 day simple moving average of $68.56. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 earnings per share. Research analysts anticipate that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is currently 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.