Summit Global Investments Has $358,000 Stake in Fastenal (NASDAQ:FAST)

Summit Global Investments decreased its holdings in shares of Fastenal (NASDAQ:FAST) by 9.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,521 shares of the company’s stock after selling 610 shares during the period. Summit Global Investments’ holdings in Fastenal were worth $358,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FAST. Envestnet Asset Management Inc. increased its stake in Fastenal by 47.3% during the third quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock valued at $256,344,000 after acquiring an additional 1,505,936 shares during the period. Los Angeles Capital Management LLC lifted its stake in Fastenal by 85.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,179,453 shares of the company’s stock worth $141,163,000 after purchasing an additional 1,002,004 shares during the period. Invesco Ltd. raised its holdings in shares of Fastenal by 16.5% in the 3rd quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock worth $368,563,000 after buying an additional 957,091 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Fastenal by 80.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,600,206 shares of the company’s stock valued at $87,435,000 after buying an additional 711,265 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in Fastenal by 9.3% during the third quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock worth $363,445,000 after acquiring an additional 568,372 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Jeffery Michael Watts sold 19,420 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $70.25, for a total value of $1,364,255.00. Following the completion of the transaction, the insider now directly owns 5,940 shares in the company, valued at approximately $417,285. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jeffery Michael Watts sold 19,420 shares of Fastenal stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $70.25, for a total value of $1,364,255.00. Following the sale, the insider now directly owns 5,940 shares in the company, valued at $417,285. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Charles S. Miller sold 11,076 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $75.16, for a total value of $832,472.16. The disclosure for this sale can be found here. Insiders sold a total of 36,082 shares of company stock valued at $2,584,060 over the last ninety days. Insiders own 0.41% of the company’s stock.

Fastenal Price Performance

FAST opened at $68.43 on Monday. The stock has a market capitalization of $39.18 billion, a P/E ratio of 33.88, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49. The company’s 50 day simple moving average is $73.13 and its 200-day simple moving average is $67.18. Fastenal has a one year low of $52.85 and a one year high of $79.04.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. Fastenal’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 EPS. Sell-side analysts anticipate that Fastenal will post 2.12 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Wednesday, April 24th. Fastenal’s dividend payout ratio (DPR) is 77.23%.

Analyst Ratings Changes

FAST has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Robert W. Baird dropped their price objective on shares of Fastenal from $77.00 to $71.00 and set a “neutral” rating for the company in a report on Friday, April 12th. HSBC lifted their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Finally, Loop Capital dropped their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus target price of $67.67.

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.