Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Cuts Stock Position in Fastenal (NASDAQ:FAST)
Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lessened its holdings in Fastenal (NASDAQ:FAST) by 8.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 13,650 shares of the company’s stock after selling 1,200 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Fastenal were worth $615,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Pacitti Group Inc. purchased a new stake in Fastenal in the 2nd quarter worth $26,000. Barrett Asset Management LLC purchased a new stake in Fastenal in the 2nd quarter worth $34,000. Norway Savings Bank purchased a new stake in Fastenal in the 3rd quarter worth $36,000. Balentine LLC purchased a new stake in Fastenal in the 1st quarter worth $41,000. Finally, Ropes Wealth Advisors LLC increased its stake in Fastenal by 314.4% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,326 shares of the company’s stock worth $57,000 after buying an additional 1,006 shares in the last quarter. Institutional investors and hedge funds own 77.18% of the company’s stock.
Shares of NASDAQ:FAST opened at $45.26 on Friday. The firm has a market cap of $25.96 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 3.63 and a beta of 1.19. The firm’s 50 day simple moving average is $45.63 and its 200-day simple moving average is $42.19. Fastenal has a one year low of $26.72 and a one year high of $49.86. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.91 and a current ratio of 4.13.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Tuesday, October 27th will be issued a $0.25 dividend. The ex-dividend date is Monday, October 26th. This represents a $1.00 annualized dividend and a yield of 2.21%. Fastenal’s payout ratio is 72.46%.
FAST has been the subject of a number of analyst reports. Argus increased their price target on Fastenal from $43.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Tuesday, August 4th. Stephens started coverage on shares of Fastenal in a report on Thursday. They set an “overweight” rating for the company. JPMorgan Chase & Co. raised shares of Fastenal from an “underweight” rating to a “neutral” rating and set a $34.00 price objective for the company in a report on Tuesday, June 23rd. Finally, ValuEngine downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a report on Thursday, October 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $44.36.
In other Fastenal news, Director Rita J. Heise sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $48.07, for a total value of $192,280.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Terry Modock Owen sold 1,250 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $49.53, for a total transaction of $61,912.50. The disclosure for this sale can be found here. Insiders sold a total of 96,724 shares of company stock worth $4,473,812 over the last quarter. 0.57% of the stock is currently owned by company insiders.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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