Park Avenue Securities LLC Sells 168 Shares of Fastenal (NASDAQ:FAST)

Park Avenue Securities LLC trimmed its stake in shares of Fastenal (NASDAQ:FAST) by 0.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 19,189 shares of the company’s stock after selling 168 shares during the quarter. Park Avenue Securities LLC’s holdings in Fastenal were worth $1,370,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FAST. Penobscot Investment Management Company Inc. grew its stake in Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after buying an additional 150 shares in the last quarter. Sara Bay Financial raised its position in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after purchasing an additional 155 shares in the last quarter. Trueblood Wealth Management LLC lifted its stake in Fastenal by 1.4% during the second quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after purchasing an additional 156 shares during the last quarter. Team Hewins LLC boosted its holdings in shares of Fastenal by 4.8% in the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock valued at $263,000 after purchasing an additional 157 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its stake in shares of Fastenal by 2.0% in the 1st quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock valued at $630,000 after purchasing an additional 159 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fastenal

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

Fastenal Stock Performance

Shares of Fastenal stock opened at $70.00 on Tuesday. The stock has a market cap of $40.08 billion, a price-to-earnings ratio of 34.83, a P/E/G ratio of 3.92 and a beta of 1.01. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. Fastenal has a twelve month low of $55.42 and a twelve month high of $79.04. The company’s fifty day moving average is $68.57 and its 200 day moving average is $68.10.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Sell-side analysts forecast that Fastenal will post 2.04 EPS for the current year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.23%. Fastenal’s payout ratio is 77.61%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Bank of America began coverage on Fastenal in a research report on Monday. They set a “buy” rating and a $85.00 price objective for the company. Morgan Stanley assumed coverage on shares of Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target on the stock. Jefferies Financial Group dropped their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Stephens restated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price target (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average target price of $69.63.

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.