Fastenal Company $FAST Stake Lessened by HighTower Advisors LLC

HighTower Advisors LLC trimmed its position in Fastenal Company (NASDAQ:FAST) by 16.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 347,386 shares of the company’s stock after selling 68,256 shares during the quarter. HighTower Advisors LLC’s holdings in Fastenal were worth $13,941,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FAST. Envestnet Portfolio Solutions Inc. lifted its stake in Fastenal by 2.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 19,737 shares of the company’s stock valued at $792,000 after purchasing an additional 551 shares during the last quarter. Tucker Asset Management LLC bought a new position in shares of Fastenal in the fourth quarter valued at $33,000. North Dakota State Investment Board acquired a new stake in shares of Fastenal during the 4th quarter valued at $1,580,000. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter worth $25,000. Finally, May Hill Capital LLC bought a new stake in shares of Fastenal during the 4th quarter worth $217,000. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FAST shares. Morgan Stanley reaffirmed a “positive” rating and set a $45.00 target price on shares of Fastenal in a research report on Thursday, March 5th. Bank of America lifted their price target on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. JPMorgan Chase & Co. boosted their price objective on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Robert W. Baird reduced their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $49.77.

Insider Activity

In related news, Director Reyne K. Wisecup sold 36,920 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.28% of the company’s stock.

Fastenal Price Performance

Shares of Fastenal stock opened at $43.94 on Monday. The firm has a market cap of $50.44 billion, a price-to-earnings ratio of 38.54, a P/E/G ratio of 2.80 and a beta of 0.75. The stock has a 50-day simple moving average of $45.06 and a 200-day simple moving average of $43.74. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 earnings per share. On average, equities research analysts expect that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.