Mairs & Power Inc. Cuts Position in Fastenal Company $FAST

Mairs & Power Inc. reduced its position in Fastenal Company (NASDAQ:FAST) by 12.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,719,036 shares of the company’s stock after selling 653,723 shares during the period. Fastenal makes up approximately 2.2% of Mairs & Power Inc.’s holdings, making the stock its 12th largest holding. Mairs & Power Inc. owned approximately 0.41% of Fastenal worth $231,422,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FAST. Integrated Wealth Concepts LLC lifted its position in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares in the last quarter. Sowell Financial Services LLC increased its position in shares of Fastenal by 4.7% in the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after acquiring an additional 238 shares in the last quarter. L2 Asset Management LLC raised its stake in shares of Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after acquiring an additional 248 shares during the period. Rowlandmiller & PARTNERS.ADV raised its stake in shares of Fastenal by 1.7% in the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock valued at $721,000 after acquiring an additional 250 shares during the period. Finally, SOA Wealth Advisors LLC. lifted its holdings in shares of Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the sale, the director directly owned 40,000 shares in the company, valued at $1,893,600. The trade was a 48.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the transaction, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Fastenal Stock Performance

Fastenal stock opened at $45.68 on Tuesday. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The company has a market capitalization of $52.46 billion, a price-to-earnings ratio of 41.53, a price-to-earnings-growth ratio of 2.90 and a beta of 0.88. The firm’s fifty day moving average price is $45.00 and its 200 day moving average price is $44.07.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the prior year, the company posted $0.46 EPS. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were paid a dividend of $0.24 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date was Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal’s payout ratio is 87.27%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wolfe Research upped their price target on shares of Fastenal from $42.00 to $43.00 and gave the stock an “underperform” rating in a research report on Friday, February 27th. Robert W. Baird boosted their price objective on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. Raymond James Financial set a $48.00 target price on Fastenal in a research report on Thursday, March 5th. UBS Group reiterated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Finally, Morgan Stanley reissued a “positive” rating and set a $45.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $48.83.

About Fastenal

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.