Fastenal (NASDAQ:FAST) Shares Sold by Peoples Financial Services CORP.

Peoples Financial Services CORP. reduced its holdings in Fastenal (NASDAQ:FAST) by 2.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 38,582 shares of the company’s stock after selling 794 shares during the quarter. Fastenal makes up 1.2% of Peoples Financial Services CORP.’s portfolio, making the stock its 18th biggest position. Peoples Financial Services CORP.’s holdings in Fastenal were worth $2,756,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Swedbank AB increased its position in Fastenal by 1.9% in the third quarter. Swedbank AB now owns 354,618 shares of the company’s stock worth $25,327,000 after buying an additional 6,659 shares during the period. Empirical Asset Management LLC increased its holdings in shares of Fastenal by 3.6% in the 3rd quarter. Empirical Asset Management LLC now owns 9,591 shares of the company’s stock worth $685,000 after acquiring an additional 337 shares during the period. ORG Wealth Partners LLC bought a new stake in Fastenal in the 3rd quarter valued at about $415,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after purchasing an additional 143 shares during the period. Finally, CVA Family Office LLC grew its position in Fastenal by 51.0% in the 3rd quarter. CVA Family Office LLC now owns 533 shares of the company’s stock worth $38,000 after purchasing an additional 180 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST traded up $1.06 during trading hours on Wednesday, reaching $77.97. 139,795 shares of the company’s stock were exchanged, compared to its average volume of 3,359,710. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $44.64 billion, a P/E ratio of 38.26, a price-to-earnings-growth ratio of 4.13 and a beta of 1.01. Fastenal has a 12 month low of $56.41 and a 12 month high of $79.04. The business’s 50-day simple moving average is $69.21 and its two-hundred day simple moving average is $67.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the company posted $0.52 EPS. Sell-side analysts expect that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 2.00%. Fastenal’s payout ratio is presently 77.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FAST shares. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 price objective (up from $80.00) on shares of Fastenal in a report on Monday. JPMorgan Chase & Co. increased their price target on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Stephens raised their price target on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday. Morgan Stanley upped their price objective on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Jefferies Financial Group lowered their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $73.33.

About Fastenal

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.