Palisade Asset Management LLC Has $3.63 Million Stake in Fastenal (NASDAQ:FAST)

Palisade Asset Management LLC cut its holdings in Fastenal (NASDAQ:FAST) by 3.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 56,088 shares of the company’s stock after selling 2,018 shares during the quarter. Palisade Asset Management LLC’s holdings in Fastenal were worth $3,633,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of FAST. Hartford Financial Management Inc. boosted its stake in Fastenal by 46.9% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after purchasing an additional 153 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Fastenal during the fourth quarter worth about $35,000. Criterion Capital Advisors LLC bought a new position in shares of Fastenal during the fourth quarter worth about $43,000. First Horizon Advisors Inc. lifted its stake in Fastenal by 283.2% in the 4th quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock valued at $49,000 after acquiring an additional 558 shares in the last quarter. Finally, Pacific Center for Financial Services bought a new stake in Fastenal in the 3rd quarter valued at approximately $66,000. 81.38% of the stock is owned by institutional investors.

Insider Buying and Selling at Fastenal

In other news, Director Daniel L. Johnson bought 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were purchased at an average cost of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now directly owns 10,595 shares in the company, valued at $724,486.10. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Daniel L. Johnson purchased 3,350 shares of Fastenal stock in a transaction dated Wednesday, April 17th. The shares were bought at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the purchase, the director now owns 10,595 shares in the company, valued at approximately $724,486.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffery Michael Watts sold 19,420 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $70.25, for a total transaction of $1,364,255.00. Following the sale, the insider now directly owns 5,940 shares in the company, valued at approximately $417,285. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. HSBC lifted their price objective on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Loop Capital reduced their price objective on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Robert W. Baird dropped their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Stifel Nicolaus raised their price target on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Fastenal has an average rating of “Hold” and an average target price of $67.33.

Fastenal Stock Performance

NASDAQ:FAST traded up $0.37 on Wednesday, hitting $66.78. The company’s stock had a trading volume of 2,864,932 shares, compared to its average volume of 3,942,241. Fastenal has a one year low of $52.86 and a one year high of $79.04. The firm has a market capitalization of $38.23 billion, a P/E ratio of 32.88, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. The stock has a fifty day moving average of $72.87 and a two-hundred day moving average of $67.29. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06.

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

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 annualized dividend and a yield of 2.34%. Fastenal’s dividend payout ratio is presently 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.