Advisors Asset Management Inc. Sells 7,774 Shares of Fastenal (NASDAQ:FAST)

Advisors Asset Management Inc. cut its holdings in shares of Fastenal (NASDAQ:FAST) by 7.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 102,097 shares of the company’s stock after selling 7,774 shares during the period. Advisors Asset Management Inc.’s holdings in Fastenal were worth $7,292,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC grew its position in Fastenal by 84.5% in the 1st quarter. Acadian Asset Management LLC now owns 2,735 shares of the company’s stock worth $210,000 after purchasing an additional 1,253 shares in the last quarter. Bessemer Group Inc. grew its position in Fastenal by 10.2% in the 1st quarter. Bessemer Group Inc. now owns 84,534 shares of the company’s stock worth $6,520,000 after purchasing an additional 7,796 shares in the last quarter. MQS Management LLC bought a new stake in Fastenal in the 1st quarter worth about $340,000. Wellington Wealth Strategies LLC. bought a new stake in Fastenal in the 1st quarter worth about $265,000. Finally, EP Wealth Advisors LLC grew its position in Fastenal by 7.6% in the 1st quarter. EP Wealth Advisors LLC now owns 8,112 shares of the company’s stock worth $626,000 after purchasing an additional 573 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Performance

NASDAQ FAST opened at $81.82 on Thursday. Fastenal has a 1 year low of $59.47 and a 1 year high of $84.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The stock has a market capitalization of $46.87 billion, a PE ratio of 40.71, a P/E/G ratio of 4.80 and a beta of 0.99. The company’s 50 day simple moving average is $75.74 and its two-hundred day simple moving average is $69.51.

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

Fastenal Announces Dividend

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

Insider Transactions at Fastenal

In related news, VP Charles S. Miller sold 23,480 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.92, for a total transaction of $1,970,441.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. This represents a 14.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,289 shares of company stock valued at $16,123,438 in the last quarter. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research reports. Bank of America initiated 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. Stephens increased their target price on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Robert W. Baird increased their target price on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Morgan Stanley increased their target price on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $86.00 target price (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $74.80.

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.