MTM Investment Management LLC Cuts Stake in Fastenal (NASDAQ:FAST)

MTM Investment Management LLC trimmed its stake in Fastenal (NASDAQ:FAST) by 7.0% in the third quarter, Holdings Channel.com reports. The firm owned 5,293 shares of the company’s stock after selling 400 shares during the quarter. MTM Investment Management LLC’s holdings in Fastenal were worth $371,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Acadian Asset Management LLC increased its holdings in shares of Fastenal by 84.5% during the 1st quarter. Acadian Asset Management LLC now owns 2,735 shares of the company’s stock worth $210,000 after buying an additional 1,253 shares during the last quarter. Bessemer Group Inc. increased its stake in Fastenal by 10.2% during the first quarter. Bessemer Group Inc. now owns 84,534 shares of the company’s stock worth $6,520,000 after acquiring an additional 7,796 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Fastenal by 20.2% in the 1st quarter. Lake Street Advisors Group LLC now owns 6,849 shares of the company’s stock worth $528,000 after purchasing an additional 1,149 shares during the period. InterOcean Capital Group LLC lifted its stake in shares of Fastenal by 6.7% in the 1st quarter. InterOcean Capital Group LLC now owns 3,976 shares of the company’s stock valued at $307,000 after purchasing an additional 251 shares in the last quarter. Finally, MQS Management LLC acquired a new position in shares of Fastenal in the 1st quarter valued at about $340,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $81.59 on Wednesday. Fastenal has a 52-week low of $59.47 and a 52-week high of $84.88. The business’s 50 day moving average is $75.49 and its two-hundred day moving average is $69.43. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The firm has a market cap of $46.74 billion, a price-to-earnings ratio of 40.59, a PEG ratio of 4.80 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. Fastenal’s revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company posted $0.52 earnings per share. Analysts forecast that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 1.91%. Fastenal’s dividend payout ratio is currently 77.61%.

Wall Street Analyst Weigh In

FAST has been the topic of several research reports. Morgan Stanley raised their price target on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Robert W. Baird raised their target price on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Stephens lifted their target price on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. UBS Group began coverage on Fastenal in a report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target for the company. Finally, 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. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus target price of $74.80.

Insider Buying and Selling

In other Fastenal news, CAO Sheryl Ann Lisowski sold 13,567 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.19, for a total transaction of $1,033,669.73. Following the completion of the transaction, the chief accounting officer now directly owns 5,096 shares of the company’s stock, valued at $388,264.24. The trade was a 72.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Daniel L. Florness sold 31,818 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $24,168,521. This trade represents a 10.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 208,289 shares of company stock worth $16,123,438 in the last three months. 0.41% of the stock is owned by insiders.

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.