Huntington National Bank Has $2.66 Million Stock Holdings in Fastenal Company $FAST

Huntington National Bank lowered its holdings in shares of Fastenal Company (NASDAQ:FAST) by 25.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,261 shares of the company’s stock after selling 18,519 shares during the period. Huntington National Bank’s holdings in Fastenal were worth $2,661,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. SOA Wealth Advisors LLC. grew its position in Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares during the last quarter. REAP Financial Group LLC acquired a new stake in shares of Fastenal in the 3rd quarter valued at approximately $30,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Fastenal in the 2nd quarter valued at approximately $27,000. First Horizon Corp bought a new stake in shares of Fastenal during the 3rd quarter valued at approximately $33,000. Finally, Financial Perspectives Inc increased its position in Fastenal by 414.0% during the 3rd quarter. Financial Perspectives Inc now owns 699 shares of the company’s stock worth $34,000 after purchasing an additional 563 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Trading Up 0.8%

NASDAQ:FAST opened at $46.04 on Monday. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The firm’s fifty day moving average is $43.88 and its 200-day moving average is $44.33. The firm has a market cap of $52.87 billion, a P/E ratio of 41.85, a P/E/G ratio of 2.94 and a beta of 0.88.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. Fastenal’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 earnings per share. Equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

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

Insiders Place Their Bets

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the transaction, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FAST. Barclays set a $43.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, January 21st. UBS Group reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Robert W. Baird boosted their target price on shares of Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.27.

Fastenal Profile

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.