DAVENPORT & Co LLC lowered its holdings in shares of Fastenal (NASDAQ:FAST) by 3.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 22,023 shares of the company’s stock after selling 770 shares during the period. DAVENPORT & Co LLC’s holdings in Fastenal were worth $993,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Pacitti Group Inc. acquired a new position in shares of Fastenal during the 2nd quarter worth $26,000. Barrett Asset Management LLC acquired a new position in shares of Fastenal during the 2nd quarter worth $34,000. Norway Savings Bank acquired a new position in shares of Fastenal during the 3rd quarter worth $36,000. Balentine LLC acquired a new position in shares of Fastenal during the 1st quarter worth $41,000. Finally, Ropes Wealth Advisors LLC raised its holdings in shares of Fastenal by 314.4% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,326 shares of the company’s stock worth $57,000 after buying an additional 1,006 shares in the last quarter. 77.18% of the stock is owned by institutional investors.
In related news, VP Terry Modock Owen sold 1,250 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $49.53, for a total transaction of $61,912.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski sold 28,554 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $45.59, for a total value of $1,301,776.86. Following the sale, the insider now owns 9,330 shares in the company, valued at approximately $425,354.70. The disclosure for this sale can be found here. Insiders sold a total of 96,724 shares of company stock worth $4,473,812 in the last quarter. Corporate insiders own 0.57% of the company’s stock.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Sunday, October 18th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Fastenal had a return on equity of 31.19% and a net margin of 15.07%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the company posted $0.37 EPS. The business’s revenue was up 2.5% on a year-over-year basis. As a group, analysts forecast that Fastenal will post 1.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Tuesday, October 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, October 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. Fastenal’s dividend payout ratio (DPR) is presently 72.46%.
A number of research firms have recently commented on FAST. Argus boosted their price target on Fastenal from $43.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James cut Fastenal from a “market perform” rating to an “underperform” rating in a report on Friday, September 4th. ValuEngine cut Fastenal from a “hold” rating to a “sell” rating in a report on Thursday, October 1st. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Tuesday, August 4th. Finally, Morgan Stanley upped their target price on Fastenal from $46.00 to $47.00 and gave the stock an “equal weight” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $44.36.
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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