Bridge Creek Capital Management LLC Sells 565 Shares of Fastenal (NASDAQ:FAST)

Bridge Creek Capital Management LLC cut its holdings in Fastenal (NASDAQ:FAST) by 0.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,658 shares of the company’s stock after selling 565 shares during the quarter. Fastenal accounts for approximately 1.8% of Bridge Creek Capital Management LLC’s holdings, making the stock its 12th largest position. Bridge Creek Capital Management LLC’s holdings in Fastenal were worth $5,728,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of FAST. Acadian Asset Management LLC lifted its holdings in shares of Fastenal by 477.6% during the 2nd quarter. Acadian Asset Management LLC now owns 15,796 shares of the company’s stock valued at $992,000 after buying an additional 13,061 shares during the period. American Century Companies Inc. boosted its position in Fastenal by 13.7% in the second quarter. American Century Companies Inc. now owns 630,377 shares of the company’s stock worth $39,613,000 after purchasing an additional 75,957 shares during the last quarter. BOKF NA boosted its position in Fastenal by 131.3% in the second quarter. BOKF NA now owns 6,259 shares of the company’s stock worth $393,000 after purchasing an additional 3,553 shares during the last quarter. Meeder Advisory Services Inc. grew its stake in shares of Fastenal by 22.6% during the 2nd quarter. Meeder Advisory Services Inc. now owns 12,658 shares of the company’s stock valued at $795,000 after purchasing an additional 2,330 shares during the period. Finally, GHP Investment Advisors Inc. increased its position in shares of Fastenal by 33.5% during the 2nd quarter. GHP Investment Advisors Inc. now owns 1,069 shares of the company’s stock valued at $67,000 after purchasing an additional 268 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, VP Charles S. Miller sold 23,480 shares of Fastenal stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.92, for a total value of $1,970,441.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 31,818 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at $24,168,521. This represents a 10.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 114,234 shares of company stock worth $9,272,924 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Fastenal Price Performance

NASDAQ FAST traded up $1.19 during trading hours on Monday, reaching $72.82. The company’s stock had a trading volume of 1,405,841 shares, compared to its average volume of 2,310,162. Fastenal has a 1 year low of $61.36 and a 1 year high of $84.88. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $41.72 billion, a price-to-earnings ratio of 36.23, a PEG ratio of 4.64 and a beta of 1.02. The firm’s 50-day moving average price is $78.60 and its 200-day moving average price is $72.66.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. Fastenal’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. On average, equities research analysts predict that Fastenal will post 2.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Bank of America assumed coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 target price for the company. Robert W. Baird upped their price objective on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. HSBC cut Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price on the stock. in a report on Wednesday, December 11th. Stephens boosted their price target on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus downgraded Fastenal from a “buy” rating to a “hold” rating and set a $86.00 price objective on the stock. in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $77.40.

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.