Pensionfund Sabic Reduces Stock Position in Fastenal (NASDAQ:FAST)

Pensionfund Sabic trimmed its holdings in Fastenal (NASDAQ:FAST) by 19.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,500 shares of the company’s stock after selling 4,000 shares during the period. Pensionfund Sabic’s holdings in Fastenal were worth $1,178,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Penobscot Investment Management Company Inc. boosted its holdings in shares of Fastenal by 1.1% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after purchasing an additional 150 shares in the last quarter. Sara Bay Financial grew its holdings in shares of Fastenal by 1.3% during the 2nd quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after purchasing an additional 155 shares during the last quarter. Trueblood Wealth Management LLC raised its position in Fastenal by 1.4% in the 2nd quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after purchasing an additional 156 shares during the period. Team Hewins LLC lifted its stake in Fastenal by 4.8% in the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after purchasing an additional 157 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its position in Fastenal by 2.0% during the first quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock valued at $630,000 after buying an additional 159 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $69.99 on Friday. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. Fastenal has a 12-month low of $55.42 and a 12-month high of $79.04. The firm has a market capitalization of $40.07 billion, a price-to-earnings ratio of 34.82, a price-to-earnings-growth ratio of 3.92 and a beta of 1.01. The firm has a 50 day moving average of $68.53 and a 200 day moving average of $68.00.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the firm earned $0.52 EPS. The business’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts anticipate that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.23%. Fastenal’s dividend payout ratio is currently 77.61%.

Analyst Ratings Changes

Several equities research analysts have weighed in on FAST shares. Bank of America initiated coverage on shares of Fastenal in a research report on Monday. They set a “buy” rating and a $85.00 price target for the company. Morgan Stanley assumed coverage on Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Jefferies Financial Group reduced their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, JPMorgan Chase & Co. raised their price target on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $68.89.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s 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 sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Company 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.