First Long Island Investors LLC Reduces Holdings in Fastenal Company $FAST

First Long Island Investors LLC cut its stake in shares of Fastenal Company (NASDAQ:FAST) by 15.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 257,149 shares of the company’s stock after selling 47,462 shares during the quarter. Fastenal accounts for about 1.6% of First Long Island Investors LLC’s investment portfolio, making the stock its 26th largest holding. First Long Island Investors LLC’s holdings in Fastenal were worth $19,942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund boosted its holdings in Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock valued at $3,817,000 after acquiring an additional 130 shares during the period. Welch & Forbes LLC boosted its holdings in Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock valued at $2,559,000 after acquiring an additional 135 shares during the period. Principal Securities Inc. raised its position in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock valued at $1,142,000 after purchasing an additional 140 shares during the last quarter. Salvus Wealth Management LLC raised its position in Fastenal by 1.6% during the 1st quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company’s stock valued at $698,000 after purchasing an additional 141 shares during the last quarter. Finally, Essex Financial Services Inc. raised its position in Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock valued at $688,000 after purchasing an additional 147 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on FAST. Northcoast Research began coverage on Fastenal in a research report on Thursday, August 21st. They set a “neutral” rating for the company. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and upped their price target for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Stephens boosted their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. Finally, Loop Capital reiterated a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $46.82.

Insider Buying and Selling

In related news, insider Jeffery Michael Watts sold 48,724 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the transaction, the insider owned 11,880 shares of the company’s stock, valued at $570,834. This trade represents a 80.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,230 shares of company stock worth $5,288,364 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Fastenal Stock Down 1.3%

Shares of NASDAQ:FAST opened at $47.33 on Friday. Fastenal Company has a 52-week low of $34.39 and a 52-week high of $50.63. The firm has a market capitalization of $54.32 billion, a P/E ratio of 45.51, a P/E/G ratio of 4.36 and a beta of 0.97. The stock has a 50 day moving average price of $47.32 and a 200-day moving average price of $42.47. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the company earned $0.25 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal’s dividend payout ratio (DPR) is 84.62%.

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.