Cypress Capital Group Has $439,000 Stake in Fastenal (NASDAQ:FAST)

Cypress Capital Group lowered its holdings in Fastenal (NASDAQ:FAST) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,150 shares of the company’s stock after selling 170 shares during the quarter. Cypress Capital Group’s holdings in Fastenal were worth $439,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Acadian Asset Management LLC raised its holdings in shares of 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 acquiring an additional 1,253 shares during the last quarter. EP Wealth Advisors LLC raised its stake in shares of Fastenal by 7.6% in the first quarter. EP Wealth Advisors LLC now owns 8,112 shares of the company’s stock worth $626,000 after purchasing an additional 573 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in shares of Fastenal by 23.3% in the first quarter. Axxcess Wealth Management LLC now owns 17,608 shares of the company’s stock valued at $1,358,000 after purchasing an additional 3,324 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of Fastenal by 2.1% during the first quarter. Toronto Dominion Bank now owns 341,300 shares of the company’s stock valued at $26,328,000 after buying an additional 7,046 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in Fastenal by 61.1% during the first quarter. Canada Pension Plan Investment Board now owns 347,807 shares of the company’s stock worth $26,830,000 after buying an additional 131,887 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Daniel L. Johnson sold 8,474 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total value of $706,392.64. Following the sale, the director now directly owns 10,595 shares in the company, valued at $883,199.20. This represents a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s 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 owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 14.88 % decrease in their ownership of the stock. 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 90 days. 0.41% of the stock is currently owned by company insiders.

Fastenal Stock Performance

Shares of FAST opened at $82.44 on Friday. 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’s fifty day moving average price is $75.99 and its two-hundred day moving average price is $69.60. The firm has a market cap of $47.23 billion, a PE ratio of 41.01, a PEG ratio of 4.78 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 EPS. On average, equities research analysts forecast that Fastenal will post 2.03 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors 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 dividend on an annualized basis and a yield of 1.89%. Fastenal’s dividend payout ratio is 77.61%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stifel Nicolaus restated a “buy” rating and set a $86.00 price objective (up from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Robert W. Baird raised their price target 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. Bank of America initiated coverage on shares of Fastenal in a research report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley increased their price target on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.