Advisors Asset Management Inc. Reduces Stake in Fastenal (FAST)

Advisors Asset Management Inc. cut its position in Fastenal (NASDAQ:FAST) by 23.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,755 shares of the company’s stock after selling 50,119 shares during the quarter. Advisors Asset Management Inc. owned 0.06% of Fastenal worth $7,882,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Fastenal by 1.4% in the second quarter. BlackRock Inc. now owns 19,318,036 shares of the company’s stock valued at $929,778,000 after purchasing an additional 268,614 shares during the period. OppenheimerFunds Inc. boosted its holdings in Fastenal by 5.2% in the second quarter. OppenheimerFunds Inc. now owns 5,666,164 shares of the company’s stock valued at $272,713,000 after purchasing an additional 282,020 shares during the period. Cantillon Capital Management LLC purchased a new position in Fastenal in the second quarter valued at $154,074,000. Janus Henderson Group PLC boosted its holdings in Fastenal by 17.4% in the second quarter. Janus Henderson Group PLC now owns 2,520,269 shares of the company’s stock valued at $121,301,000 after purchasing an additional 373,989 shares during the period. Finally, Confluence Investment Management LLC boosted its holdings in Fastenal by 6.2% in the second quarter. Confluence Investment Management LLC now owns 2,472,425 shares of the company’s stock valued at $118,998,000 after purchasing an additional 145,093 shares during the period. 85.87% of the stock is owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on the company. BMO Capital Markets decreased their target price on Fastenal from $57.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, July 6th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Tuesday, July 3rd. Wolfe Research assumed coverage on Fastenal in a report on Wednesday, June 27th. They issued an “underperform” rating for the company. ValuEngine lowered Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, BidaskClub lowered Fastenal from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $57.11.

Shares of NASDAQ FAST opened at $52.00 on Friday. The stock has a market cap of $15.11 billion, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 1.46 and a beta of 0.92. The company has a quick ratio of 2.48, a current ratio of 5.35 and a debt-to-equity ratio of 0.17. Fastenal has a 1 year low of $45.96 and a 1 year high of $61.14.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.02. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. Fastenal’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 EPS. On average, equities research analysts expect that Fastenal will post 2.58 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Tuesday, October 23rd. Fastenal’s dividend payout ratio (DPR) is 82.90%.

In other Fastenal news, CEO Daniel L. Florness purchased 2,000 shares of the firm’s stock in a transaction on Friday, October 12th. The stock was bought at an average cost of $51.95 per share, with a total value of $103,900.00. Following the acquisition, the chief executive officer now directly owns 99,845 shares of the company’s stock, valued at $5,186,947.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Holden Lewis purchased 500 shares of the firm’s stock in a transaction on Tuesday, October 16th. The shares were acquired at an average cost of $52.28 per share, with a total value of $26,140.00. Following the completion of the acquisition, the chief financial officer now directly owns 3,500 shares in the company, valued at $182,980. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,000 shares of company stock valued at $208,145 over the last ninety days. 0.56% of the stock is owned by company insiders.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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