Fastenal Company $FAST Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. reduced its holdings in shares of Fastenal Company (NASDAQ:FAST) by 1.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 812,255 shares of the company’s stock after selling 15,225 shares during the period. Fastenal comprises 3.0% of Provident Investment Management Inc.’s investment portfolio, making the stock its 17th largest holding. Provident Investment Management Inc.’s holdings in Fastenal were worth $32,596,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FAST. Vanguard Group Inc. boosted its position in Fastenal by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after purchasing an additional 2,346,045 shares during the period. National Pension Service raised its position in Fastenal by 3.6% in the third quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after purchasing an additional 53,888 shares during the period. Nordea Investment Management AB raised its position in Fastenal by 6.3% in the third quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock valued at $181,626,000 after purchasing an additional 219,154 shares during the period. Franklin Resources Inc. lifted its stake in shares of Fastenal by 1.2% during the third quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company’s stock worth $362,282,000 after purchasing an additional 90,095 shares in the last quarter. Finally, BlueStem Wealth Partners LLC purchased a new stake in shares of Fastenal in the third quarter worth about $634,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.28% of the company’s stock.

Fastenal Stock Down 2.0%

Shares of NASDAQ FAST opened at $43.30 on Tuesday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The firm has a market cap of $49.71 billion, a price-to-earnings ratio of 37.98, a PEG ratio of 2.81 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The stock’s 50-day simple moving average is $45.57 and its 200-day simple moving average is $43.63.

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

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal’s dividend payout ratio is presently 84.21%.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of recent research reports. Barclays increased their target price on Fastenal from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Bank of America upped their price target on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Benchmark reiterated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Finally, Morgan Stanley reissued a “positive” rating and set a $45.00 target price on shares of Fastenal in a research report on Thursday, March 5th. Five 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. Based on data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average price target of $49.77.

Fastenal 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.