Hartford Investment Management Co. Trims Stake in Fastenal (NASDAQ:FAST)

Hartford Investment Management Co. reduced its position in Fastenal (NASDAQ:FAST) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 35,396 shares of the company’s stock after selling 518 shares during the period. Hartford Investment Management Co.’s holdings in Fastenal were worth $2,545,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FAST. Koshinski Asset Management Inc. lifted its holdings in shares of Fastenal by 8.5% in the 3rd quarter. Koshinski Asset Management Inc. now owns 5,256 shares of the company’s stock valued at $375,000 after purchasing an additional 413 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Fastenal by 5.8% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after purchasing an additional 143 shares during the last quarter. Swedbank AB increased its position in Fastenal by 1.9% in the 3rd quarter. Swedbank AB now owns 354,618 shares of the company’s stock valued at $25,327,000 after acquiring an additional 6,659 shares during the period. Vontobel Holding Ltd. increased its position in Fastenal by 42.0% in the 3rd quarter. Vontobel Holding Ltd. now owns 31,989 shares of the company’s stock valued at $2,285,000 after acquiring an additional 9,462 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Fastenal by 6.1% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 68,873 shares of the company’s stock valued at $4,919,000 after acquiring an additional 3,937 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

FAST opened at $73.68 on Thursday. The stock has a market cap of $42.21 billion, a P/E ratio of 36.66, a P/E/G 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. The stock’s 50 day simple moving average is $75.09 and its 200 day simple moving average is $74.04. Fastenal has a 1-year low of $61.36 and a 1-year high of $84.88.

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

Fastenal Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FAST shares. Jefferies Financial Group boosted their price target on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Wolfe Research boosted their price target on Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. UBS Group started coverage on Fastenal in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target on the stock. Hsbc Global Res cut Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Finally, Stifel Nicolaus dropped their price target on Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus target price of $76.91.

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.