Rockland Trust Co. Sells 1,268 Shares of Fastenal (NASDAQ:FAST)

Rockland Trust Co. lowered its stake in shares of Fastenal (NASDAQ:FAST) by 13.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,433 shares of the company’s stock after selling 1,268 shares during the quarter. Rockland Trust Co.’s holdings in Fastenal were worth $602,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in FAST. ProShare Advisors LLC boosted its stake in Fastenal by 497.3% during the 1st quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock valued at $239,083,000 after purchasing an additional 2,580,478 shares during the period. Baird Financial Group Inc. grew its stake in shares of Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after acquiring an additional 1,043,529 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Fastenal by 46.2% during the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after acquiring an additional 1,006,402 shares during the period. Marshall Wace LLP raised its stake in Fastenal by 4,008.2% during the 2nd quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock valued at $47,522,000 after purchasing an additional 737,833 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Fastenal by 19.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after purchasing an additional 636,546 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of Fastenal stock traded down $0.53 during midday trading on Friday, hitting $70.18. 2,071,669 shares of the company were exchanged, compared to its average volume of 3,349,273. The firm has a 50 day simple moving average of $68.57 and a 200-day simple moving average of $68.22. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The firm has a market cap of $40.18 billion, a P/E ratio of 34.92, a PEG ratio of 3.92 and a beta of 1.01. Fastenal has a 52 week low of $54.69 and a 52 week high of $79.04.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. Research analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Friday, July 26th. Fastenal’s payout ratio is 77.61%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Morgan Stanley initiated coverage on shares of Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price objective on the stock. Jefferies Financial Group cut their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Stephens reissued an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a report on Monday, July 15th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $80.00 target price (down 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 given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $67.43.

Insider Activity

In other news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

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.