Peapack Gladstone Financial Corp Sells 28,861 Shares of Fastenal Company $FAST

Peapack Gladstone Financial Corp trimmed its holdings in shares of Fastenal Company (NASDAQ:FAST) by 25.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,143 shares of the company’s stock after selling 28,861 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Fastenal were worth $3,376,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. grew its holdings in Fastenal by 4.2% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,325,411 shares of the company’s stock worth $53,189,000 after acquiring an additional 53,648 shares during the last quarter. Essex Financial Services Inc. lifted its position in shares of Fastenal by 3.3% in the 4th quarter. Essex Financial Services Inc. now owns 19,399 shares of the company’s stock worth $778,000 after purchasing an additional 622 shares during the period. MUFG Securities EMEA plc lifted its position in shares of Fastenal by 114.4% in the 4th quarter. MUFG Securities EMEA plc now owns 47,102 shares of the company’s stock worth $1,890,000 after purchasing an additional 25,135 shares during the period. Texas Yale Capital Corp. acquired a new position in shares of Fastenal in the 4th quarter worth approximately $199,000. Finally, Forsta AP Fonden lifted its position in shares of Fastenal by 3.0% in the 4th quarter. Forsta AP Fonden now owns 257,100 shares of the company’s stock worth $10,317,000 after purchasing an additional 7,500 shares during the period. 81.38% of the stock is owned by institutional investors.

Fastenal Trading Up 1.7%

NASDAQ:FAST opened at $44.73 on Wednesday. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $51.35 billion, a price-to-earnings ratio of 39.24, a PEG ratio of 2.81 and a beta of 0.73. The firm has a fifty day simple moving average of $44.95 and a two-hundred day simple moving average of $43.87. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. Analysts expect that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is presently 84.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FAST. Raymond James Financial set a $48.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Bank of America boosted their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Sanford C. Bernstein restated an “underperform” rating and issued a $42.00 price target on shares of Fastenal in a research report on Tuesday, April 14th. JPMorgan Chase & Co. boosted their price target on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Finally, Robert W. Baird dropped their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $49.77.

Insider Buying and Selling

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.28% of the company’s stock.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.