Ritholtz Wealth Management Reduces Stock Holdings in Fastenal (NASDAQ:FAST)

Ritholtz Wealth Management trimmed its position in Fastenal (NASDAQ:FAST) by 3.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,762 shares of the company’s stock after selling 773 shares during the period. Ritholtz Wealth Management’s holdings in Fastenal were worth $1,554,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Penobscot Investment Management Company Inc. boosted its position in Fastenal by 1.1% in the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after purchasing an additional 150 shares during the last quarter. Sara Bay Financial lifted its position in shares of Fastenal by 1.3% during the 2nd quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after buying an additional 155 shares in the last quarter. Trueblood Wealth Management LLC lifted its position in shares of Fastenal by 1.4% during the 2nd quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock valued at $711,000 after buying an additional 156 shares in the last quarter. Team Hewins LLC lifted its position in shares of Fastenal by 4.8% during the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock valued at $263,000 after buying an additional 157 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its position in shares of Fastenal by 2.0% during the 1st quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock valued at $630,000 after buying an additional 159 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $76.82 on Monday. The company has a market cap of $43.98 billion, a price-to-earnings ratio of 38.22, a PEG ratio of 4.13 and a beta of 1.01. 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 stock’s 50 day simple moving average is $68.77 and its two-hundred day simple moving average is $67.89. Fastenal has a 1 year low of $56.41 and a 1 year high of $79.04.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, hitting analysts’ consensus estimates of $0.52. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. As a group, equities analysts anticipate 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 will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Bank of America assumed coverage on Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Stephens reissued an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. JPMorgan Chase & Co. lifted their target price on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday. Jefferies Financial Group decreased their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, Morgan Stanley assumed coverage on Fastenal in a research note on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus price target of $68.89.

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.