OLD National Bancorp IN Increases Holdings in Fastenal (NASDAQ:FAST)

OLD National Bancorp IN boosted its position in Fastenal (NASDAQ:FAST) by 6.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,371 shares of the company’s stock after buying an additional 844 shares during the quarter. OLD National Bancorp IN’s holdings in Fastenal were worth $1,033,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of FAST. Ashton Thomas Securities LLC purchased a new stake in shares of Fastenal in the 3rd quarter valued at $25,000. Knuff & Co LLC purchased a new stake in Fastenal during the third quarter valued at about $27,000. Moisand Fitzgerald Tamayo LLC grew its stake in shares of Fastenal by 1,019.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after buying an additional 428 shares during the last quarter. First Personal Financial Services purchased a new position in shares of Fastenal in the third quarter worth about $36,000. Finally, CVA Family Office LLC lifted its stake in shares of Fastenal by 51.0% in the 3rd quarter. CVA Family Office LLC now owns 533 shares of the company’s stock valued at $38,000 after acquiring an additional 180 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Transactions at Fastenal

In related news, VP Charles S. Miller sold 23,480 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 31,818 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $84.50, for a total value of $2,688,621.00. Following the transaction, the chief executive officer now directly 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 have sold 63,772 shares of company stock valued at $5,365,455 in the last three months. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FAST shares. HSBC lowered Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target on the stock. in a research report on Wednesday, December 11th. Bank of America began coverage on shares of Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 target price on the stock. UBS Group started coverage on shares of Fastenal in a report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 price target for the company. Jefferies Financial Group raised their price target on shares of Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $76.91.

Fastenal Price Performance

FAST stock opened at $73.24 on Friday. The firm has a 50-day moving average of $76.63 and a 200 day moving average of $73.68. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28. The company has a market cap of $41.96 billion, a P/E ratio of 36.44, a PEG ratio of 3.52 and a beta of 1.02. Fastenal has a 1 year low of $61.36 and a 1 year high of $84.88.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 EPS. On average, sell-side analysts forecast that Fastenal will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s payout ratio is 77.61%.

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.