Fastenal (NASDAQ:FAST) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. trimmed its stake in Fastenal (NASDAQ:FAST) by 33.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 159,488 shares of the company’s stock after selling 78,606 shares during the quarter. iA Global Asset Management Inc.’s holdings in Fastenal were worth $10,022,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Central Valley Advisors LLC purchased a new position in shares of Fastenal during the 2nd quarter worth $28,000. MCF Advisors LLC lifted its holdings in shares of Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares during the period. Triad Wealth Partners LLC purchased a new stake in shares of Fastenal during the 2nd quarter valued at $32,000. Crewe Advisors LLC boosted its holdings in Fastenal by 528.4% in the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after acquiring an additional 428 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Fastenal in the 2nd quarter valued at about $35,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FAST shares. Stephens reissued an “equal weight” rating and issued a $56.00 price objective on shares of Fastenal in a research report on Monday, July 15th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group reduced their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Robert W. Baird lowered their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $66.67.

Fastenal Price Performance

Shares of FAST opened at $68.28 on Friday. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The firm has a market cap of $39.09 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 3.65 and a beta of 1.01. The stock has a 50 day moving average of $66.45 and a 200-day moving average of $68.79.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, analysts forecast that Fastenal will post 2.05 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Transactions at Fastenal

In other Fastenal 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 approximately $19,489,266.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were bought at an average cost of $63.28 per share, with a total value of $31,640.00. Following the completion of the transaction, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the 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 completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

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.