Beverly Hills Private Wealth LLC Sells 463 Shares of Fastenal (NASDAQ:FAST)

Beverly Hills Private Wealth LLC cut its holdings in shares of Fastenal (NASDAQ:FAST) by 1.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 33,619 shares of the company’s stock after selling 463 shares during the period. Beverly Hills Private Wealth LLC’s holdings in Fastenal were worth $2,113,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FAST. Norges Bank bought a new stake in Fastenal during the 4th quarter valued at $405,513,000. ProShare Advisors LLC boosted its position in Fastenal by 497.3% during the first quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock valued at $239,083,000 after purchasing an additional 2,580,478 shares in the last quarter. Confluence Investment Management LLC purchased a new position in Fastenal in the first quarter valued at about $195,459,000. TD Asset Management Inc raised its holdings in Fastenal by 112.9% in the fourth quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock worth $173,566,000 after purchasing an additional 1,420,763 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its position in shares of Fastenal by 15.2% during the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after buying an additional 1,043,529 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FAST shares. Stephens reiterated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group reduced their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Finally, Morgan Stanley started coverage on Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $67.43.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.41% of the company’s stock.

Fastenal Price Performance

NASDAQ FAST opened at $69.21 on Thursday. The company has a market cap of $39.63 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 3.59 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The stock’s fifty day moving average price is $67.08 and its 200 day moving average price is $68.60. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. As a group, equities research analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is presently 77.61%.

Fastenal 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.