Assetmark Inc. Acquires 731 Shares of Fastenal (NASDAQ:FAST)

Assetmark Inc. grew its holdings in shares of Fastenal (NASDAQ:FAST) by 20.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,307 shares of the company’s stock after purchasing an additional 731 shares during the quarter. Assetmark Inc.’s holdings in Fastenal were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of FAST. Central Valley Advisors LLC acquired a new position in Fastenal during the second quarter worth $28,000. Triad Wealth Partners LLC acquired a new position in shares of Fastenal during the 2nd quarter valued at about $32,000. Crewe Advisors LLC increased its holdings in shares of Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after acquiring an additional 428 shares during the last quarter. Moisand Fitzgerald Tamayo LLC raised its stake in shares of Fastenal by 1,019.0% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after acquiring an additional 428 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Fastenal in the 2nd quarter worth approximately $35,000. Institutional investors own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The trade was a 13.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Lewis Soderberg sold 488 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,033 shares of company stock worth $19,240,434. Corporate insiders own 0.41% of the company’s stock.

Fastenal Trading Down 0.4 %

Fastenal stock opened at $81.85 on Friday. The business has a 50 day moving average price of $74.96 and a two-hundred day moving average price of $69.22. The company has a quick ratio of 2.29, a current ratio of 4.40 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 market cap of $46.89 billion, a price-to-earnings ratio of 40.72, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same period in the prior year, the company posted $0.52 earnings per share. Fastenal’s revenue was up 3.5% on a year-over-year basis. As a group, equities analysts forecast that Fastenal will post 2.03 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Analyst Ratings Changes

Several equities analysts have commented on FAST shares. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price target (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. UBS Group started coverage on shares of Fastenal in a report on Wednesday. They set a “neutral” rating and a $88.00 price target for the company. Stephens lifted their price objective on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Robert W. Baird increased their target price on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. raised their target price on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $74.80.

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.