Fastenal Company $FAST Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. cut its stake in shares of Fastenal Company (NASDAQ:FAST) by 6.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 827,480 shares of the company’s stock after selling 59,265 shares during the period. Fastenal makes up about 3.6% of Provident Investment Management Inc.’s holdings, making the stock its 16th biggest position. Provident Investment Management Inc. owned 0.07% of Fastenal worth $40,580,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Advisory Services Network LLC raised its holdings in Fastenal by 2.9% during the 3rd quarter. Advisory Services Network LLC now owns 41,306 shares of the company’s stock worth $2,026,000 after buying an additional 1,182 shares during the period. Eaton Financial Holdings Company LLC boosted its holdings in shares of Fastenal by 7.0% in the third quarter. Eaton Financial Holdings Company LLC now owns 16,340 shares of the company’s stock worth $801,000 after buying an additional 1,067 shares during the period. Financial Engines Advisors L.L.C. purchased a new position in shares of Fastenal in the third quarter worth approximately $2,076,000. Harvest Investment Services LLC increased its position in shares of Fastenal by 4.7% in the third quarter. Harvest Investment Services LLC now owns 22,598 shares of the company’s stock worth $1,108,000 after acquiring an additional 1,006 shares in the last quarter. Finally, Morningstar Investment Management LLC raised its holdings in shares of Fastenal by 3,108.9% during the third quarter. Morningstar Investment Management LLC now owns 177,579 shares of the company’s stock valued at $8,708,000 after acquiring an additional 172,045 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares of the company’s stock, valued at $1,893,600. This represents a 48.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by company insiders.

Fastenal Price Performance

FAST opened at $45.93 on Wednesday. The stock has a fifty day moving average price of $45.09 and a 200 day moving average price of $44.04. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The stock has a market cap of $52.74 billion, a price-to-earnings ratio of 41.75, a PEG ratio of 2.91 and a beta of 0.88.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. Analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, January 29th. This is a boost from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is 87.27%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FAST shares. Raymond James Financial set a $48.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Wolfe Research boosted their target price on shares of Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a research note on Friday, February 27th. Robert W. Baird increased their target price on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, March 6th. UBS Group reaffirmed a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $48.83.

About Fastenal

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.