Provident Investment Management Inc. Has $40.58 Million Position in Fastenal Company $FAST

Provident Investment Management Inc. lessened its stake in shares of Fastenal Company (NASDAQ:FAST) by 6.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 827,480 shares of the company’s stock after selling 59,265 shares during the period. Fastenal accounts for 3.6% of Provident Investment Management Inc.’s portfolio, making the stock its 16th largest holding. Provident Investment Management Inc.’s holdings in Fastenal were worth $40,580,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of FAST. Integrated Wealth Concepts LLC boosted its holdings in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the period. Sowell Financial Services LLC lifted its position in Fastenal by 4.7% during the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after acquiring an additional 238 shares during the last quarter. L2 Asset Management LLC boosted its holdings in Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after acquiring an additional 248 shares during the period. Rowlandmiller & PARTNERS.ADV boosted its holdings in Fastenal by 1.7% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock valued at $721,000 after acquiring an additional 250 shares during the period. Finally, SOA Wealth Advisors LLC. grew its position in shares of Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after purchasing an additional 255 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Activity

In related news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director owned 40,000 shares of the company’s stock, valued at $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FAST shares. Benchmark reissued a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Morgan Stanley restated a “positive” rating and issued a $45.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Finally, UBS Group reiterated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Stock Up 0.5%

Shares of FAST stock opened at $45.93 on Wednesday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The stock has a fifty day moving average price of $45.09 and a 200 day moving average price of $44.04. The stock has a market cap of $52.74 billion, a P/E ratio of 41.75, a price-to-earnings-growth ratio of 2.91 and a beta of 0.88.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal’s payout ratio is presently 87.27%.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.