Penobscot Investment Management Company Inc. Acquires 2,300 Shares of Fastenal (NASDAQ:FAST)

Penobscot Investment Management Company Inc. lifted its stake in shares of Fastenal (NASDAQ:FAST) by 21.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,200 shares of the company’s stock after acquiring an additional 2,300 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Fastenal were worth $855,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Envestnet Asset Management Inc. grew its stake in shares of Fastenal by 47.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock valued at $256,344,000 after buying an additional 1,505,936 shares during the period. Invesco Ltd. raised its position in shares of Fastenal by 16.5% during the third quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock worth $368,563,000 after purchasing an additional 957,091 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Fastenal by 80.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,600,206 shares of the company’s stock worth $87,435,000 after purchasing an additional 711,265 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Fastenal by 9.3% during the third quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after buying an additional 568,372 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 3.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,830,951 shares of the company’s stock worth $751,780,000 after acquiring an additional 423,112 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fastenal news, Director Daniel L. Johnson purchased 3,350 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was purchased at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the transaction, the director now owns 10,595 shares in the company, valued at approximately $724,486.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction on Wednesday, April 17th. The shares were acquired at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the transaction, the director now directly owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jeffery Michael Watts sold 19,420 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $70.25, for a total value of $1,364,255.00. Following the completion of the sale, the insider now owns 5,940 shares of the company’s stock, valued at approximately $417,285. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,082 shares of company stock worth $2,584,060. Corporate insiders own 0.41% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $67.94 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. Fastenal has a fifty-two week low of $52.85 and a fifty-two week high of $79.04. The stock has a market cap of $38.90 billion, a PE ratio of 33.63, a price-to-earnings-growth ratio of 3.58 and a beta of 1.05. The stock has a fifty day moving average of $73.33 and a 200-day moving average of $66.99.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. Equities research analysts anticipate that Fastenal will post 2.12 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.30%. Fastenal’s dividend payout ratio (DPR) is currently 77.23%.

Analysts Set New Price Targets

Several equities analysts have weighed in on FAST shares. Robert W. Baird dropped their price objective on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Loop Capital reduced their target price on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. Stifel Nicolaus raised their price objective on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, HSBC increased their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus price target of $67.67.

Fastenal Company Profile

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.