Fifth Third Wealth Advisors LLC Sells 191 Shares of Fastenal (NASDAQ:FAST)

Fifth Third Wealth Advisors LLC trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 3.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,563 shares of the company’s stock after selling 191 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Fastenal were worth $397,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FAST. Ashton Thomas Securities LLC bought a new stake in shares of Fastenal during the third quarter worth approximately $25,000. Knuff & Co LLC acquired a new stake in Fastenal during the 3rd quarter worth approximately $27,000. Central Valley Advisors LLC bought a new stake in Fastenal in the 2nd quarter valued at $28,000. Triad Wealth Partners LLC acquired a new position in Fastenal in the 2nd quarter valued at $32,000. Finally, Crewe Advisors LLC increased its position in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Up 0.8 %

Shares of NASDAQ FAST opened at $82.44 on Friday. The company has a market cap of $47.23 billion, a price-to-earnings ratio of 41.01, a PEG ratio of 4.78 and a beta of 0.99. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. Fastenal has a 12 month low of $59.47 and a 12 month high of $84.88. The stock has a 50-day moving average price of $75.99 and a two-hundred day moving average price of $69.60.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results 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 company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.52 earnings per share. As a group, analysts forecast that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.89%. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Robert W. Baird lifted their price objective on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. UBS Group started coverage on Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target for the company. Morgan Stanley raised their price objective on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Stephens upped their target price on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Bank of America began coverage on Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $74.80.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The trade was a 14.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Joseph Drazkowski sold 16,362 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total value of $1,270,509.30. Following the completion of the transaction, the insider now owns 5,997 shares in the company, valued at approximately $465,667.05. This represents a 73.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 208,289 shares of company stock worth $16,123,438. Company insiders own 0.41% of the company’s stock.

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.