Fastenal Company $FAST Shares Sold by Riverbridge Partners LLC

Riverbridge Partners LLC reduced its position in shares of Fastenal Company (NASDAQ:FAST) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,899,524 shares of the company’s stock after selling 102,186 shares during the period. Fastenal comprises 2.8% of Riverbridge Partners LLC’s investment portfolio, making the stock its 6th largest holding. Riverbridge Partners LLC owned approximately 0.17% of Fastenal worth $94,083,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Advisors Network LLC increased its position in Fastenal by 3.9% in the 3rd quarter. Integrated Advisors Network LLC now owns 5,548 shares of the company’s stock valued at $275,000 after acquiring an additional 208 shares during the period. High Net Worth Advisory Group LLC lifted its holdings in shares of Fastenal by 2.4% during the second quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company’s stock worth $433,000 after purchasing an additional 214 shares during the period. Tandem Investment Advisors Inc. grew its stake in shares of Fastenal by 1.8% in the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock worth $573,000 after purchasing an additional 224 shares during the last quarter. Pure Financial Advisors LLC grew its stake in shares of Fastenal by 3.4% in the second quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company’s stock worth $344,000 after purchasing an additional 235 shares during the last quarter. Finally, Ausdal Financial Partners Inc. grew its stake in shares of Fastenal by 2.9% in the second quarter. Ausdal Financial Partners Inc. now owns 8,406 shares of the company’s stock worth $404,000 after purchasing an additional 239 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FAST has been the subject of several analyst reports. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $47.00 target price (up from $42.00) on shares of Fastenal in a research report on Thursday, October 15th. Wolfe Research assumed coverage on Fastenal in a research report on Tuesday, September 15th. They issued an “underperform” rating and a $51.00 price target on the stock. Morgan Stanley increased their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Robert W. Baird raised their price objective on Fastenal from $59.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Finally, Argus raised their price objective on Fastenal from $55.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $51.46.

Fastenal Trading Up 0.5%

NASDAQ:FAST opened at $54.84 on Wednesday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $54.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.11 and a current ratio of 3.93. The firm’s fifty day moving average is $50.86 and its 200-day moving average is $47.54. The firm has a market cap of $62.92 billion, a P/E ratio of 44.23, a P/E/G ratio of 3.26 and a beta of 0.66.

Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.44 billion. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. Fastenal’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share. Equities analysts expect that Fastenal Company will post 1.28 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, October 28th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, October 28th. Fastenal’s dividend payout ratio (DPR) is presently 83.87%.

Fastenal Company Profile

Fastenal Company is a distributor of industrial and construction supplies, serving businesses that need products to maintain facilities, support production and complete building projects. Its offerings include fasteners such as screws, nuts and bolts, as well as safety supplies, tools and other maintenance, repair and operations products. In addition to product distribution, Fastenal provides services designed to help customers manage supplies and purchasing. These include inventory management, on-site support and industrial vending solutions that make frequently used items available at customer facilities.