Envestnet Portfolio Solutions Inc. Trims Stake in Fastenal (NASDAQ:FAST)

Envestnet Portfolio Solutions Inc. decreased its position in Fastenal (NASDAQ:FAST) by 14.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,488 shares of the company’s stock after selling 3,873 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Fastenal were worth $1,689,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Pathstone Holdings LLC boosted its holdings in Fastenal by 11.1% in the third quarter. Pathstone Holdings LLC now owns 110,131 shares of the company’s stock worth $7,866,000 after acquiring an additional 10,997 shares in the last quarter. Prospera Financial Services Inc boosted its stake in Fastenal by 9.6% in the 3rd quarter. Prospera Financial Services Inc now owns 3,584 shares of the company’s stock worth $256,000 after purchasing an additional 314 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Fastenal by 1.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company’s stock worth $26,373,000 after purchasing an additional 6,488 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in Fastenal during the 3rd quarter valued at about $857,000. Finally, Commerce Bank increased its stake in Fastenal by 50.4% during the 3rd quarter. Commerce Bank now owns 78,285 shares of the company’s stock valued at $5,591,000 after purchasing an additional 26,224 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FAST shares. William Blair upgraded Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Wolfe Research upped their target price on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Jefferies Financial Group lifted their price target on shares of Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Stifel Nicolaus lowered their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Finally, Hsbc Global Res downgraded shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus target price of $76.91.

Fastenal Stock Down 1.0 %

Shares of NASDAQ FAST opened at $74.73 on Friday. Fastenal has a 52-week low of $61.36 and a 52-week high of $84.88. The firm has a market capitalization of $42.85 billion, a price-to-earnings ratio of 37.18, a PEG ratio of 3.58 and a beta of 1.05. The stock has a 50 day moving average price of $75.08 and a 200 day moving average price of $75.52. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the previous year, the company posted $0.46 EPS. Fastenal’s quarterly revenue was up 3.7% compared to the same quarter last year. Sell-side analysts expect that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio is presently 85.57%.

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.