Confluence Investment Management LLC Reduces Stock Holdings in Fastenal Company $FAST

Confluence Investment Management LLC trimmed its holdings in Fastenal Company (NASDAQ:FAST) by 4.6% in the 2nd quarter, Holdings Channel reports. The fund owned 2,829,738 shares of the company’s stock after selling 136,984 shares during the quarter. Fastenal accounts for about 2.1% of Confluence Investment Management LLC’s investment portfolio, making the stock its 6th biggest position. Confluence Investment Management LLC’s holdings in Fastenal were worth $135,912,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. Elyxium Wealth LLC bought a new position in Fastenal during the 4th quarter valued at approximately $25,000. Palladiem LLC bought a new position in Fastenal in the 4th quarter worth about $25,000. Evergreen Advisors LLC bought a new stake in Fastenal during the 1st quarter valued at about $26,000. MV Capital Management Inc. purchased a new position in Fastenal in the fourth quarter worth about $29,000. Finally, Field & Main Bank bought a new position in shares of Fastenal in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.28% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FAST shares. Robert W. Baird reduced their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Morgan Stanley boosted their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Finally, Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $48.83.

Fastenal Price Performance

NASDAQ FAST opened at $48.11 on Tuesday. The business’s fifty day moving average price is $46.39 and its 200-day moving average price is $45.64. The stock has a market capitalization of $55.21 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 2.99 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the previous year, the company posted $0.29 earnings per share. Fastenal’s revenue was up 14.7% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is currently 88.14%.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.