Concurrent Investment Advisors LLC Trims Stock Holdings in Fastenal (NASDAQ:FAST)

Concurrent Investment Advisors LLC reduced its stake in Fastenal (NASDAQ:FAST) by 6.7% in the first quarter, Holdings Channel.com reports. The fund owned 10,129 shares of the company’s stock after selling 729 shares during the period. Concurrent Investment Advisors LLC’s holdings in Fastenal were worth $781,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in Fastenal during the 4th quarter worth approximately $405,513,000. Confluence Investment Management LLC purchased a new stake in Fastenal in the first quarter worth $195,459,000. TD Asset Management Inc grew its position in shares of Fastenal by 112.9% in the 4th quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock worth $173,566,000 after buying an additional 1,420,763 shares during the period. Baird Financial Group Inc. lifted its position in Fastenal by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after acquiring an additional 1,043,529 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in Fastenal by 46.2% in the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after purchasing an additional 1,006,402 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on FAST. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a report on Monday. Stephens reissued an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a report on Monday. Jefferies Financial Group cut their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday. HSBC increased their price target on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Finally, Robert W. Baird lowered their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $66.67.

Insider Transactions at Fastenal

In related news, Director Hsenghung Sam Hsu acquired 500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the transaction, the director now directly owns 3,500 shares in the company, valued at $221,480. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Daniel L. Johnson bought 3,350 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was purchased at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the purchase, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Hsenghung Sam Hsu purchased 500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the transaction, the director now owns 3,500 shares of the company’s stock, valued at approximately $221,480. The disclosure for this purchase can be found here. Corporate insiders own 0.41% of the company’s stock.

Fastenal Price Performance

FAST traded up $2.39 on Monday, hitting $67.83. 5,141,837 shares of the company’s stock traded hands, compared to its average volume of 3,747,254. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. Fastenal has a one year low of $53.83 and a one year high of $79.04. The company’s 50 day simple moving average is $64.87 and its 200-day simple moving average is $68.53. The firm has a market cap of $38.84 billion, a price-to-earnings ratio of 33.10, a P/E/G ratio of 3.53 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.74%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. As a group, research analysts anticipate that Fastenal will post 2.06 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, July 26th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Friday, July 26th. Fastenal’s payout ratio is currently 77.61%.

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.