Fastenal (NASDAQ:FAST) Stock Holdings Lessened by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lessened its holdings in shares of Fastenal (NASDAQ:FAST) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,372 shares of the company’s stock after selling 236 shares during the period. Axxcess Wealth Management LLC’s holdings in Fastenal were worth $1,092,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC grew its holdings in shares of Fastenal by 96.6% during the second quarter. Virtu Financial LLC now owns 12,610 shares of the company’s stock valued at $792,000 after purchasing an additional 6,195 shares during the last quarter. Edgestream Partners L.P. lifted its holdings in shares of Fastenal by 1,438.4% in the 2nd quarter. Edgestream Partners L.P. now owns 41,368 shares of the company’s stock worth $2,600,000 after purchasing an additional 38,679 shares during the last quarter. Moors & Cabot Inc. boosted its position in Fastenal by 2.9% during the 2nd quarter. Moors & Cabot Inc. now owns 10,216 shares of the company’s stock valued at $642,000 after purchasing an additional 284 shares during the period. Renaissance Technologies LLC bought a new position in Fastenal during the 2nd quarter worth $37,659,000. Finally, Citizens Financial Group Inc. RI increased its position in Fastenal by 399.5% in the second quarter. Citizens Financial Group Inc. RI now owns 13,940 shares of the company’s stock worth $876,000 after buying an additional 11,149 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

NASDAQ FAST opened at $71.38 on Friday. The firm has a market capitalization of $40.87 billion, a PE ratio of 35.51, a P/E/G ratio of 3.78 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The company’s 50 day simple moving average is $67.94 and its 200 day simple moving average is $68.52.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, July 12th. The company reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates 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 return on equity of 33.54% and a net margin of 15.54%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 EPS. As a group, equities research analysts forecast that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Analysts Set New Price Targets

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

Insider Buying and Selling at Fastenal

In related news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction 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 $19,929,734.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the company’s 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 transaction, the chief executive officer now 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.

Fastenal Company 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.