Fastenal (NASDAQ:FAST) is Long Road Investment Counsel LLC’s 8th Largest Position

Long Road Investment Counsel LLC trimmed its position in shares of Fastenal (NASDAQ:FAST) by 3.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 115,595 shares of the company’s stock after selling 3,800 shares during the quarter. Fastenal makes up approximately 3.2% of Long Road Investment Counsel LLC’s investment portfolio, making the stock its 8th largest position. Long Road Investment Counsel LLC’s holdings in Fastenal were worth $7,264,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Nomura Holdings Inc. purchased a new stake in Fastenal in the 4th quarter valued at $747,000. Focus Financial Network Inc. ADV purchased a new stake in Fastenal in the 4th quarter valued at $1,282,000. Clear Rock Advisors LLC purchased a new stake in Fastenal in the 4th quarter valued at $2,936,000. BI Asset Management Fondsmaeglerselskab A S grew its holdings in Fastenal by 98.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock valued at $9,126,000 after buying an additional 58,726 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Fastenal in the 4th quarter valued at $1,078,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

FAST opened at $70.75 on Friday. The stock’s 50-day moving average price is $68.05 and its 200 day moving average price is $68.45. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The firm has a market cap of $40.51 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 3.78 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the company earned $0.52 EPS. Fastenal’s revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts expect that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, July 26th. Fastenal’s payout ratio is 77.61%.

Analyst Ratings Changes

Several brokerages have issued reports on FAST. Jefferies Financial Group dropped their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Morgan Stanley initiated coverage on Fastenal in a research note on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price target on the stock. Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.43.

Insider Buying and Selling

In related news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

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.