Dearborn Partners LLC Sells 48,326 Shares of Fastenal Company $FAST

Dearborn Partners LLC cut its stake in shares of Fastenal Company (NASDAQ:FAST) by 12.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 328,750 shares of the company’s stock after selling 48,326 shares during the period. Dearborn Partners LLC’s holdings in Fastenal were worth $15,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Fastenal in the second quarter valued at $5,105,454,000. Swiss Life Asset Management Ltd boosted its stake in shares of Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after purchasing an additional 39,406 shares during the period. Fideuram Asset Management Ireland dac bought a new position in Fastenal during the 4th quarter valued at about $4,041,000. National Pension Service grew its holdings in Fastenal by 2.9% during the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock valued at $64,362,000 after purchasing an additional 45,260 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Fastenal by 16.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,820,172 shares of the company’s stock worth $273,699,000 after purchasing an additional 959,731 shares during the period. 81.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FAST has been the subject of several analyst reports. Barclays decreased their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Weiss Ratings upgraded Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Morgan Stanley increased their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal Stock Down 0.0%

Shares of NASDAQ:FAST opened at $51.13 on Friday. The business’s 50 day moving average is $48.38 and its 200 day moving average is $46.48. The stock has a market cap of $58.67 billion, a P/E ratio of 43.33, a price-to-earnings-growth ratio of 3.19 and a beta of 0.72. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the company posted $0.29 EPS. Fastenal’s revenue was up 14.7% on a year-over-year basis. Sell-side analysts predict that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were issued a $0.26 dividend. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Insider Activity at Fastenal

In other news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by corporate insiders.

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.