Thrivent Financial for Lutherans Has $277.79 Million Stock Position in Fastenal (NASDAQ:FAST)

Thrivent Financial for Lutherans increased its position in shares of Fastenal (NASDAQ:FAST) by 13.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,420,659 shares of the company’s stock after purchasing an additional 517,172 shares during the period. Fastenal comprises about 0.6% of Thrivent Financial for Lutherans’ investment portfolio, making the stock its 15th largest position. Thrivent Financial for Lutherans owned about 0.77% of Fastenal worth $277,794,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. MCF Advisors LLC boosted its holdings in Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after buying an additional 391 shares during the last quarter. Central Valley Advisors LLC bought a new stake in shares of Fastenal during the second quarter worth $28,000. LRI Investments LLC acquired a new position in Fastenal in the 1st quarter worth $39,000. Triad Wealth Partners LLC bought a new stake in shares of Fastenal in the second quarter valued at about $32,000. Finally, Crewe Advisors LLC boosted its position in shares of Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of FAST stock opened at $70.75 on Friday. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The company has a market cap of $40.51 billion, a P/E ratio of 35.20, a P/E/G ratio of 3.78 and a beta of 1.01. Fastenal has a twelve month low of $53.83 and a twelve month high of $79.04. The business has a fifty day simple moving average of $68.05 and a 200 day simple moving average of $68.49.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $0.52 EPS. On average, sell-side analysts forecast that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

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

Insiders Place Their Bets

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred 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 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 filing with the SEC, which is available at the SEC website. In other news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

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

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.