Dearborn Partners LLC Decreases Stock Position in Fastenal (NASDAQ:FAST)

Dearborn Partners LLC cut its stake in shares of Fastenal (NASDAQ:FAST) by 2.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 476,208 shares of the company’s stock after selling 11,907 shares during the quarter. Dearborn Partners LLC’s holdings in Fastenal were worth $34,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in shares of Fastenal in the third quarter valued at about $25,000. Central Valley Advisors LLC purchased a new position in Fastenal during the 2nd quarter valued at about $28,000. Triad Wealth Partners LLC bought a new position in Fastenal during the 2nd quarter valued at approximately $32,000. Crewe Advisors LLC lifted its holdings in Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC grew its position in shares of Fastenal by 1,019.0% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after buying an additional 428 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Sheryl Ann Lisowski sold 13,567 shares of Fastenal stock in a transaction on Monday, October 14th. The stock was sold at an average price of $76.19, for a total value of $1,033,669.73. Following the completion of the sale, the chief accounting officer now owns 5,096 shares of the company’s stock, valued at $388,264.24. The trade was a 72.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of 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. In the last ninety days, insiders sold 230,553 shares of company stock worth $17,269,993. 0.41% of the stock is owned by corporate insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $82.16 on Friday. The company has a market capitalization of $47.07 billion, a price-to-earnings ratio of 40.88, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. Fastenal has a one year low of $59.47 and a one year high of $84.88. The company’s 50-day moving average is $74.30 and its 200 day moving average is $69.04.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Sell-side analysts expect that Fastenal will post 2.03 EPS for the current fiscal 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 given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.90%. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. UBS Group began coverage on Fastenal in a research note on Wednesday. They issued a “neutral” rating and a $88.00 price target for the company. Morgan Stanley upped their price target on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Stephens raised their price objective on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Bank of America assumed coverage on shares of Fastenal in a research report on Monday, October 7th. They issued a “buy” rating and a $85.00 target price on the stock. Finally, Robert W. Baird lifted 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. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $74.80.

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.