Ferguson Wellman Capital Management Inc. Cuts Stock Position in Fastenal (NASDAQ:FAST)

Ferguson Wellman Capital Management Inc. lowered its stake in Fastenal (NASDAQ:FAST) by 70.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,355 shares of the company’s stock after selling 17,573 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Fastenal were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in Fastenal during the 3rd quarter valued at $25,000. Knuff & Co LLC purchased a new stake in Fastenal during the 3rd quarter valued at $27,000. First Personal Financial Services purchased a new stake in Fastenal during the 3rd quarter valued at $36,000. CVA Family Office LLC boosted its stake in Fastenal by 51.0% during the 3rd quarter. CVA Family Office LLC now owns 533 shares of the company’s stock valued at $38,000 after purchasing an additional 180 shares during the last quarter. Finally, MCF Advisors LLC boosted its stake in Fastenal by 54.1% during the 3rd quarter. MCF Advisors LLC now owns 635 shares of the company’s stock valued at $45,000 after purchasing an additional 223 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

NASDAQ FAST opened at $73.72 on Tuesday. The company has a market capitalization of $42.23 billion, a PE ratio of 36.68, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67. The business’s fifty day moving average is $75.44 and its 200 day moving average is $73.98. Fastenal has a fifty-two week low of $61.36 and a fifty-two week high of $84.88.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. Fastenal’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 earnings per share. Sell-side analysts predict that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be given a dividend of $0.43 per share. The ex-dividend date is Friday, January 31st. This is an increase from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a yield of 2.33%. Fastenal’s payout ratio is 85.57%.

Analysts Set New Price Targets

Several brokerages have commented on FAST. Hsbc Global Res downgraded Fastenal from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 11th. Stephens raised their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Wolfe Research lifted their price objective on Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Robert W. Baird lifted their price objective on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, Jefferies Financial Group lifted their price objective on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus price target of $76.91.

Insider Activity at Fastenal

In other news, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel L. Johnson sold 8,474 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total value of $706,392.64. Following the completion of the transaction, the director now owns 10,595 shares in the company, valued at $883,199.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.41% of the stock is 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.