Cynosure Group LLC Sells 694 Shares of Fastenal (NASDAQ:FAST)

Cynosure Group LLC cut its stake in Fastenal (NASDAQ:FAST) by 11.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,398 shares of the company’s stock after selling 694 shares during the period. Cynosure Group LLC’s holdings in Fastenal were worth $385,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. King Luther Capital Management Corp boosted its holdings in shares of Fastenal by 1.6% in the 3rd quarter. King Luther Capital Management Corp now owns 8,664 shares of the company’s stock valued at $619,000 after purchasing an additional 136 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in Fastenal by 1.9% in the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock valued at $545,000 after buying an additional 142 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Fastenal by 5.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after acquiring an additional 143 shares during the last quarter. Compass Ion Advisors LLC raised its stake in Fastenal by 1.5% during the third quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock worth $709,000 after acquiring an additional 146 shares in the last quarter. Finally, Catalina Capital Group LLC lifted its holdings in shares of Fastenal by 4.5% in the third quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock worth $240,000 after acquiring an additional 146 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Transactions at Fastenal

In other news, EVP Anthony Paul Broersma sold 680 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total transaction of $52,944.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel L. Johnson sold 8,474 shares of the company’s stock in a transaction that occurred on 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 directly owns 10,595 shares in the company, valued at $883,199.20. This trade represents a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,289 shares of company stock valued at $16,123,438 in the last quarter. 0.41% of the stock is owned by insiders.

Fastenal Price Performance

Fastenal stock opened at $83.71 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. Fastenal has a one year low of $59.47 and a one year high of $84.88. The stock’s 50 day moving average is $77.07 and its 200 day moving average is $70.08. The firm has a market cap of $47.96 billion, a P/E ratio of 41.65, a P/E/G ratio of 4.91 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 earnings per share. As a group, research analysts expect that Fastenal will post 2.03 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, October 25th were paid a $0.39 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.86%. Fastenal’s dividend payout ratio is currently 77.61%.

Wall Street Analyst Weigh In

FAST has been the topic of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Morgan Stanley upped their price target on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price objective (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Robert W. Baird boosted their price objective on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Stephens increased their target price on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $74.80.

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.