Fastenal (NASDAQ:FAST) Shares Sold by First Long Island Investors LLC

First Long Island Investors LLC cut its stake in shares of Fastenal (NASDAQ:FAST) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 344,280 shares of the company’s stock after selling 7,887 shares during the quarter. Fastenal accounts for approximately 2.2% of First Long Island Investors LLC’s holdings, making the stock its 16th biggest position. First Long Island Investors LLC owned approximately 0.06% of Fastenal worth $26,558,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Texas Permanent School Fund Corp raised its position in Fastenal by 0.3% in the first quarter. Texas Permanent School Fund Corp now owns 118,296 shares of the company’s stock worth $9,125,000 after acquiring an additional 307 shares in the last quarter. Team Hewins LLC raised its position in Fastenal by 4.8% in the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after acquiring an additional 157 shares in the last quarter. Commonwealth Retirement Investments LLC raised its position in Fastenal by 1.3% in the first quarter. Commonwealth Retirement Investments LLC now owns 20,433 shares of the company’s stock worth $1,576,000 after acquiring an additional 267 shares in the last quarter. Carson Advisory Inc. purchased a new position in Fastenal in the first quarter worth $352,000. Finally, Catalina Capital Group LLC purchased a new position in Fastenal in the first quarter worth $237,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

FAST stock traded up $0.66 during trading on Thursday, hitting $64.17. The stock had a trading volume of 4,009,956 shares, compared to its average volume of 3,709,859. The company’s 50 day moving average price is $64.93 and its two-hundred day moving average price is $68.49. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 31.77, a price-to-earnings-growth ratio of 3.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83.

Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the firm posted $0.52 EPS. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, sell-side analysts forecast that Fastenal will post 2.08 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, July 26th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.43%. Fastenal’s payout ratio is 77.23%.

Insider Activity at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu purchased 500 shares of the stock in a transaction on Monday, June 10th. The stock was bought at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Fastenal news, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction on Wednesday, April 17th. The stock was bought at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the acquisition, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hsenghung Sam Hsu purchased 500 shares of the stock in a transaction on Monday, June 10th. The stock was acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Stifel Nicolaus increased their price objective on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Robert W. Baird dropped their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Jefferies Financial Group dropped 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. HSBC raised their price target on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Finally, Loop Capital dropped their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $68.17.

Fastenal 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.