Resonant Capital Advisors LLC Lowers Position in Fastenal (NASDAQ:FAST)

Resonant Capital Advisors LLC reduced its stake in Fastenal (NASDAQ:FAST) by 9.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 13,119 shares of the company’s stock after selling 1,312 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Fastenal were worth $850,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FAST. Norges Bank bought a new position in Fastenal in the 4th quarter valued at $268,570,000. Morgan Stanley grew its stake in Fastenal by 37.8% in the 4th quarter. Morgan Stanley now owns 9,092,207 shares of the company’s stock valued at $430,243,000 after purchasing an additional 2,492,722 shares during the period. Envestnet Asset Management Inc. grew its stake in Fastenal by 47.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock valued at $256,344,000 after purchasing an additional 1,505,936 shares during the period. Invesco Ltd. grew its stake in Fastenal by 16.5% in the 3rd quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock valued at $368,563,000 after purchasing an additional 957,091 shares during the period. Finally, Select Equity Group L.P. grew its stake in Fastenal by 60.2% in the 1st quarter. Select Equity Group L.P. now owns 2,481,822 shares of the company’s stock valued at $133,869,000 after purchasing an additional 933,068 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Daniel L. Johnson bought 3,350 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the purchase, the director now directly owns 10,595 shares in the company, valued at $724,486.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fastenal news, insider William Joseph Drazkowski sold 11,968 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the transaction, the insider now owns 5,997 shares in the company, valued at approximately $414,392.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction on Wednesday, April 17th. The stock was acquired at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the acquisition, the director now owns 10,595 shares in the company, valued at $724,486.10. The disclosure for this purchase can be found here. Insiders sold a total of 71,640 shares of company stock worth $5,044,657 in the last quarter. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FAST shares. HSBC upped their price objective on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Stifel Nicolaus upped their price objective on 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 reduced their price objective on Fastenal from $77.00 to $71.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Finally, Loop Capital cut their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $67.67.

Fastenal Stock Up 0.1 %

FAST stock opened at $67.57 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. The company has a market capitalization of $38.69 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 3.53 and a beta of 1.05. Fastenal has a fifty-two week low of $52.28 and a fifty-two week high of $79.04. The stock has a fifty day moving average of $73.62 and a 200-day moving average of $66.29.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities research analysts predict that Fastenal will post 2.13 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 annualized dividend and a yield of 2.31%. Fastenal’s dividend payout ratio is currently 77.23%.

Fastenal Company 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.