Fastenal (NASDAQ:FAST) Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC trimmed its position in Fastenal (NASDAQ:FAST) by 6.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,434 shares of the company’s stock after selling 747 shares during the period. Parallel Advisors LLC’s holdings in Fastenal were worth $719,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FAST. Norges Bank acquired a new position in shares of Fastenal in the 4th quarter worth approximately $405,513,000. ProShare Advisors LLC lifted its stake in Fastenal by 497.3% during the first quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock worth $239,083,000 after purchasing an additional 2,580,478 shares during the last quarter. TD Asset Management Inc boosted its holdings in Fastenal by 112.9% in the fourth quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock worth $173,566,000 after purchasing an additional 1,420,763 shares during the period. Baird Financial Group Inc. increased its stake in Fastenal by 15.2% during the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after purchasing an additional 1,043,529 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its holdings in shares of Fastenal by 46.2% during the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after purchasing an additional 1,006,402 shares during the period. 81.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on FAST shares. Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a report on Monday, July 15th. Morgan Stanley assumed coverage on Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price for the company. Jefferies Financial Group cut their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Stifel Nicolaus restated a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $67.43.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $19,929,734.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction that occurred 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 transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Stock Up 0.4 %

FAST opened at $70.09 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The stock’s 50 day moving average price is $67.50 and its 200 day moving average price is $68.50. The stock has a market cap of $40.13 billion, a P/E ratio of 34.87, a P/E/G ratio of 3.78 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, research analysts predict that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

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.