Prime Capital Investment Advisors LLC Lowers Position in Fastenal (NASDAQ:FAST)

Prime Capital Investment Advisors LLC trimmed its holdings in shares of Fastenal (NASDAQ:FAST) by 15.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,577 shares of the company’s stock after selling 12,015 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Fastenal were worth $3,995,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MCF Advisors LLC grew its holdings in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares in the last quarter. Central Valley Advisors LLC bought a new stake in shares of Fastenal in the 2nd quarter valued at about $28,000. LRI Investments LLC bought a new stake in shares of Fastenal in the 1st quarter valued at about $39,000. Triad Wealth Partners LLC bought a new stake in shares of Fastenal in the 2nd quarter valued at about $32,000. Finally, Crewe Advisors LLC boosted 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 buying an additional 428 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FAST has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Stephens reiterated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Finally, Morgan Stanley started coverage on shares of Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target for the company. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $67.43.

Fastenal Price Performance

NASDAQ:FAST opened at $69.82 on Monday. 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 firm has a market cap of $39.98 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. The company has a 50 day moving average price of $67.35 and a 200-day moving average price of $68.52. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting the consensus estimate 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 quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. Equities research analysts forecast that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s payout ratio is presently 77.61%.

Insider Buying and Selling

In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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.