Welch & Forbes LLC Has $2 Million Stock Position in Fastenal (NASDAQ:FAST)

Welch & Forbes LLC boosted its stake in shares of Fastenal (NASDAQ:FAST) by 43.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,822 shares of the company’s stock after buying an additional 9,357 shares during the period. Welch & Forbes LLC’s holdings in Fastenal were worth $1,996,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its position in Fastenal by 47.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock worth $256,344,000 after buying an additional 1,505,936 shares in the last quarter. Los Angeles Capital Management LLC boosted its position 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 valued at $141,163,000 after purchasing an additional 1,002,004 shares during the last quarter. Invesco Ltd. grew its stake in Fastenal by 16.5% in the third 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 in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position 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 worth $87,435,000 after purchasing an additional 711,265 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Fastenal by 9.3% during the 3rd quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after buying an additional 568,372 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of Fastenal stock traded up $0.26 during trading on Wednesday, reaching $66.67. The company’s stock had a trading volume of 979,878 shares, compared to its average volume of 3,930,022. The business’s fifty day moving average price is $72.87 and its 200-day moving average price is $67.29. Fastenal has a one year low of $52.86 and a one year high of $79.04. The firm has a market cap of $38.17 billion, a price-to-earnings ratio of 32.88, 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 quick ratio of 2.49 and a current ratio of 4.83.

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

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 24th. Fastenal’s payout ratio is 77.23%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FAST shares. Stifel Nicolaus raised their price objective on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Robert W. Baird decreased their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a report on Tuesday. Loop Capital cut their target price on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Finally, HSBC upped their price target on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $67.33.

Insider Activity

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

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.