Empirical Asset Management LLC Sells 1,945 Shares of Fastenal (NASDAQ:FAST)

Empirical Asset Management LLC decreased its position in Fastenal (NASDAQ:FAST) by 17.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,254 shares of the company’s stock after selling 1,945 shares during the period. Empirical Asset Management LLC’s holdings in Fastenal were worth $582,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FAST. Gilbert & Cook Inc. increased its stake in shares of Fastenal by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 6,684 shares of the company’s stock worth $433,000 after purchasing an additional 312 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in Fastenal by 7.7% in the 4th quarter. Avantax Advisory Services Inc. now owns 12,978 shares of the company’s stock valued at $841,000 after buying an additional 924 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in Fastenal by 0.8% during the 4th quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock valued at $1,237,000 after acquiring an additional 152 shares during the period. Kingsview Wealth Management LLC purchased a new stake in shares of Fastenal during the fourth quarter worth $207,000. Finally, Independent Advisor Alliance lifted its position in shares of Fastenal by 4.5% during the fourth quarter. Independent Advisor Alliance now owns 9,602 shares of the company’s stock worth $622,000 after acquiring an additional 410 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Fastenal Stock Performance

Shares of FAST opened at $70.59 on Wednesday. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The company has a market cap of $40.42 billion, a PE ratio of 35.12, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. The stock has a 50-day moving average price of $67.66 and a 200-day moving average price of $68.48.

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

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.21%. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,929,734.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction 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 $19,489,266.52. 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.