Dearborn Partners LLC Trims Holdings in Fastenal Company $FAST

Dearborn Partners LLC decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 12.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 328,750 shares of the company’s stock after selling 48,326 shares during the period. Dearborn Partners LLC’s holdings in Fastenal were worth $15,790,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FAST. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Fastenal in the second quarter worth $26,000. Evergreen Advisors LLC bought a new stake in shares of Fastenal during the 1st quarter valued at $26,000. Palladiem LLC purchased a new position in shares of Fastenal during the 4th quarter valued at $25,000. Elyxium Wealth LLC purchased a new position in shares of Fastenal during the 4th quarter valued at $25,000. Finally, MV Capital Management Inc. bought a new position in Fastenal in the 4th quarter worth $29,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST opened at $51.13 on Friday. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $58.67 billion, a P/E ratio of 43.33, a P/E/G ratio of 3.19 and a beta of 0.72. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The business’s 50-day moving average is $48.38 and its 200 day moving average is $46.48.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the business posted $0.29 EPS. The firm’s revenue for the quarter was up 14.7% compared to the same quarter last year. On average, equities research analysts forecast that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal’s payout ratio is 88.14%.

Insiders Place Their Bets

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of analyst reports. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. DA Davidson reiterated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research reissued an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Finally, Barclays lowered their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Fastenal has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal 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.