Boston Research & Management Inc. Cuts Stock Position in Fastenal (NASDAQ:FAST)

Boston Research & Management Inc. trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 0.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,930 shares of the company’s stock after selling 345 shares during the period. Fastenal accounts for 1.7% of Boston Research & Management Inc.’s holdings, making the stock its 19th biggest position. Boston Research & Management Inc.’s holdings in Fastenal were worth $6,656,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of FAST. MCF Advisors LLC boosted its holdings in Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after buying an additional 391 shares during the last quarter. Central Valley Advisors LLC purchased a new stake in shares of Fastenal during the second quarter worth approximately $28,000. LRI Investments LLC acquired a new position in Fastenal in the 1st quarter valued at $39,000. Triad Wealth Partners LLC purchased a new position in Fastenal in the 2nd quarter valued at $32,000. Finally, Crewe Advisors LLC boosted its stake 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 purchasing an additional 428 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the subject of several research reports. Stephens reaffirmed an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. Stifel Nicolaus reissued a “buy” rating and set a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Morgan Stanley began coverage on shares of Fastenal in a report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price objective for the company. Finally, Jefferies Financial Group reduced 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 one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.43.

Fastenal Trading Down 0.9 %

FAST opened at $70.75 on Friday. 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 firm has a market cap of $40.51 billion, a P/E ratio of 35.20, a P/E/G ratio of 3.78 and a beta of 1.01. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The business has a fifty day simple moving average of $68.05 and a 200-day simple moving average of $68.49.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the business earned $0.52 EPS. Fastenal’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities analysts expect that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.20%. Fastenal’s dividend payout ratio is currently 77.61%.

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, 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 completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’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 transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

Fastenal Profile

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.