Fastenal (NASDAQ:FAST) Stake Lifted by Drive Wealth Management LLC

Drive Wealth Management LLC boosted its stake in Fastenal (NASDAQ:FAST) by 5.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,857 shares of the company’s stock after buying an additional 267 shares during the period. Drive Wealth Management LLC’s holdings in Fastenal were worth $347,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FAST. Legal & General Group Plc increased its holdings in shares of Fastenal by 3.4% in the 2nd quarter. Legal & General Group Plc now owns 5,909,206 shares of the company’s stock worth $371,334,000 after acquiring an additional 193,734 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Fastenal by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 4,665,482 shares of the company’s stock valued at $293,179,000 after purchasing an additional 66,130 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Fastenal by 1.1% during the third quarter. Thrivent Financial for Lutherans now owns 4,469,636 shares of the company’s stock valued at $319,221,000 after buying an additional 48,977 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Fastenal by 19.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after buying an additional 636,546 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Fastenal by 2.9% during the second quarter. ProShare Advisors LLC now owns 3,190,744 shares of the company’s stock worth $200,506,000 after buying an additional 91,411 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FAST has been the topic of a number of research analyst reports. Robert W. Baird raised their price target on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. 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 price target on the stock. UBS Group assumed coverage on shares of Fastenal in a report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price objective for the company. Morgan Stanley boosted their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $74.80.

Fastenal Price Performance

Shares of FAST stock opened at $81.80 on Tuesday. The stock has a 50 day moving average of $75.23 and a two-hundred day moving average of $69.33. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $46.86 billion, a P/E ratio of 40.70, a P/E/G ratio of 4.80 and a beta of 0.99. Fastenal has a 12 month low of $59.47 and a 12 month high of $84.88.

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

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.91%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Insider Buying and Selling

In other Fastenal news, CEO Daniel L. Florness sold 31,818 shares of Fastenal stock in a transaction on Monday, November 11th. The shares were sold at an average price of $84.50, for a total value of $2,688,621.00. Following the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $24,168,521. The trade was a 10.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.32, for a total transaction of $37,244.16. The disclosure for this sale can be found here. Insiders sold a total of 254,033 shares of company stock worth $19,240,434 over the last three months. 0.41% of the stock is currently owned by company insiders.

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.