Envestnet Portfolio Solutions Inc. Decreases Stock Holdings in Fastenal (NASDAQ:FAST)

Envestnet Portfolio Solutions Inc. lessened its stake in Fastenal (NASDAQ:FAST) by 14.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,488 shares of the company’s stock after selling 3,873 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Fastenal were worth $1,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Pathstone Holdings LLC boosted its holdings in shares of Fastenal by 11.1% in the 3rd quarter. Pathstone Holdings LLC now owns 110,131 shares of the company’s stock valued at $7,866,000 after buying an additional 10,997 shares in the last quarter. Prospera Financial Services Inc boosted its stake in Fastenal by 9.6% in the third quarter. Prospera Financial Services Inc now owns 3,584 shares of the company’s stock valued at $256,000 after acquiring an additional 314 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Fastenal by 1.8% in the third quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company’s stock worth $26,373,000 after purchasing an additional 6,488 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Fastenal during the third quarter worth $857,000. Finally, Commerce Bank lifted its holdings in shares of Fastenal by 50.4% during the 3rd quarter. Commerce Bank now owns 78,285 shares of the company’s stock valued at $5,591,000 after purchasing an additional 26,224 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FAST shares. Wolfe Research boosted their target price on Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a research note on Thursday, January 16th. Jefferies Financial Group upped their price objective on shares of Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a report on Friday, December 6th. Stifel Nicolaus decreased their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. HSBC downgraded shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price on the stock. in a research report on Wednesday, December 11th. Finally, Hsbc Global Res downgraded shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $76.91.

Fastenal Stock Down 1.0 %

Shares of FAST opened at $74.73 on Friday. The stock has a 50 day moving average price of $75.08 and a 200 day moving average price of $75.52. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67. The stock has a market capitalization of $42.85 billion, a price-to-earnings ratio of 37.18, a PEG ratio of 3.58 and a beta of 1.05. Fastenal has a one year low of $61.36 and a one year high of $84.88.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. Fastenal’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $0.46 earnings per share. Equities research analysts forecast that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were given a $0.43 dividend. The ex-dividend date was Friday, January 31st. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.30%. Fastenal’s dividend payout ratio is 85.57%.

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.