Fastenal Company $FAST Position Raised by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. raised its stake in Fastenal Company (NASDAQ:FAST) by 103.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,734,500 shares of the company’s stock after buying an additional 4,950,503 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Fastenal were worth $408,849,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund lifted its stake in Fastenal by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock valued at $3,817,000 after buying an additional 130 shares during the last quarter. Welch & Forbes LLC increased its holdings in shares of Fastenal by 0.4% during the first quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock valued at $2,559,000 after purchasing an additional 135 shares during the period. Principal Securities Inc. increased its holdings in shares of Fastenal by 0.9% during the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock valued at $1,142,000 after purchasing an additional 140 shares during the period. Essex Financial Services Inc. increased its holdings in shares of Fastenal by 1.7% during the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock valued at $688,000 after purchasing an additional 147 shares during the period. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Stephens raised their price target on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Wolfe Research reissued a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Loop Capital reissued a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Robert W. Baird lowered their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Finally, Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $46.50.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The shares were purchased at an average price of $42.45 per share, with a total value of $42,450.00. Following the purchase, the director owned 9,000 shares of the company’s stock, valued at $382,050. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 90,178 shares of company stock worth $4,336,603. Company insiders own 0.37% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST opened at $42.87 on Monday. The business’s 50-day moving average price is $47.27 and its 200 day moving average price is $44.29. The firm has a market cap of $49.22 billion, a P/E ratio of 40.07, a PEG ratio of 3.91 and a beta of 0.94. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal’s revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 earnings per share. As a group, sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

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.