Ferguson Wellman Capital Management Inc. Cuts Stock Position in Fastenal (NASDAQ:FAST)

Ferguson Wellman Capital Management Inc. reduced its position in Fastenal (NASDAQ:FAST) by 70.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,355 shares of the company’s stock after selling 17,573 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Fastenal were worth $529,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Fastenal by 5.1% in the 3rd quarter. State Street Corp now owns 27,989,485 shares of the company’s stock worth $1,999,009,000 after purchasing an additional 1,346,863 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fastenal by 3.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company’s stock worth $1,419,690,000 after purchasing an additional 608,596 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fastenal by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company’s stock worth $1,188,251,000 after purchasing an additional 880,372 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Fastenal by 5.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,718,200 shares of the company’s stock worth $336,974,000 after purchasing an additional 226,126 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Fastenal by 3.8% in the 3rd quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock valued at $350,703,000 after acquiring an additional 165,423 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Trading Down 0.2 %

FAST opened at $73.72 on Tuesday. The business has a 50 day simple moving average of $75.44 and a two-hundred day simple moving average of $73.98. The firm has a market capitalization of $42.23 billion, a price-to-earnings ratio of 36.68, a PEG ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28. Fastenal has a one year low of $61.36 and a one year high of $84.88.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the prior year, the company posted $0.46 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. Analysts predict that Fastenal will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be given a $0.43 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.72 annualized dividend and a dividend yield of 2.33%. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio is currently 85.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FAST shares. Hsbc Global Res lowered Fastenal from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 11th. UBS Group started coverage on Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 target price for the company. Morgan Stanley boosted their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Jefferies Financial Group boosted their target price on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, HSBC lowered Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price for the company. in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and a consensus target price of $76.91.

Insider Transactions at Fastenal

In other news, Director Daniel L. Johnson sold 8,474 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.36, for a total value of $706,392.64. Following the completion of the transaction, the director now owns 10,595 shares of the company’s stock, valued at approximately $883,199.20. This represents a 44.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Charles S. Miller sold 23,480 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

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.