Summit Global Investments reduced its stake in shares of Fastenal (NASDAQ:FAST) by 0.4% in the first quarter, Holdings Channel reports. The institutional investor owned 86,015 shares of the company’s stock after selling 355 shares during the period. Summit Global Investments’ holdings in Fastenal were worth $5,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently modified their holdings of the company. Berman Capital Advisors LLC bought a new position in Fastenal during the 4th quarter worth $26,000. Investors Research Corp acquired a new position in Fastenal during the 1st quarter worth $26,000. AdvisorNet Financial Inc boosted its position in Fastenal by 46.9% during the 4th quarter. AdvisorNet Financial Inc now owns 564 shares of the company’s stock worth $29,000 after acquiring an additional 180 shares during the period. Strategy Asset Managers LLC acquired a new position in Fastenal during the 1st quarter worth $32,000. Finally, Bremer Trust National Association acquired a new position in Fastenal during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 85.36% of the company’s stock.
A number of brokerages have issued reports on FAST. BidaskClub upgraded Fastenal from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 23rd. Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, April 17th. Northcoast Research lowered Fastenal from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. William Blair lowered Fastenal from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 7th. Finally, Buckingham Research set a $32.50 price target on Fastenal and gave the stock a “hold” rating in a research report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company. Fastenal presently has an average rating of “Hold” and a consensus price target of $30.70.
In other news, insider Leland J. Hein sold 19,929 shares of the company’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $70.37, for a total transaction of $1,402,403.73. Following the completion of the sale, the insider now directly owns 14,931 shares of the company’s stock, valued at $1,050,694.47. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Daniel L. Florness sold 20,000 shares of the company’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $70.75, for a total value of $1,415,000.00. Following the transaction, the chief executive officer now directly owns 109,845 shares in the company, valued at $7,771,533.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,470 shares of company stock valued at $11,485,007. 0.56% of the stock is currently owned by company insiders.
Shares of NASDAQ FAST traded down $1.42 during mid-day trading on Friday, hitting $31.31. 75,207 shares of the company traded hands, compared to its average volume of 4,044,099. Fastenal has a 1 year low of $23.68 and a 1 year high of $35.94. The company has a market cap of $18.73 billion, a price-to-earnings ratio of 23.73, a P/E/G ratio of 1.42 and a beta of 1.27. The company has a quick ratio of 1.97, a current ratio of 4.31 and a debt-to-equity ratio of 0.20.
Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, April 11th. The company reported $0.34 EPS for the quarter, meeting the consensus estimate of $0.34. Fastenal had a return on equity of 33.52% and a net margin of 15.16%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business posted $0.31 earnings per share. As a group, sell-side analysts expect that Fastenal will post 1.42 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, April 24th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 5.49%. The ex-dividend date of this dividend was Tuesday, April 23rd. Fastenal’s dividend payout ratio is 65.15%.
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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