Schwartz Investment Counsel Inc. Sells 212,000 Shares of Fastenal Company $FAST

Schwartz Investment Counsel Inc. lowered its position in Fastenal Company (NASDAQ:FAST) by 19.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 901,600 shares of the company’s stock after selling 212,000 shares during the quarter. Fastenal accounts for approximately 1.5% of Schwartz Investment Counsel Inc.’s investment portfolio, making the stock its 21st largest position. Schwartz Investment Counsel Inc. owned approximately 0.08% of Fastenal worth $44,214,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FAST. Vanguard Group Inc. increased its position in Fastenal by 103.5% in the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after acquiring an additional 75,852,223 shares during the period. State Street Corp lifted its holdings in shares of Fastenal by 99.6% during the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after purchasing an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Fastenal by 103.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after purchasing an additional 23,380,022 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Fastenal by 103.8% in the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after purchasing an additional 18,329,847 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after purchasing an additional 16,308,254 shares during the period. Institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In related news, Director Sarah N. Nielsen purchased 1,000 shares of the firm’s stock in a transaction on Wednesday, November 19th. The stock was purchased at an average cost of $39.60 per share, with a total value of $39,600.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $198,000. This trade represents a 25.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were bought at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at approximately $495,800. This represents a 11.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.37% of the stock is owned by insiders.

Fastenal Trading Up 0.5%

NASDAQ FAST opened at $43.74 on Monday. The stock has a market capitalization of $50.22 billion, a P/E ratio of 40.88, a P/E/G ratio of 3.14 and a beta of 0.90. The business has a 50 day simple moving average of $41.17 and a 200 day simple moving average of $44.42. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. Fastenal Company has a one year low of $35.31 and a one year high of $50.63.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be paid a $0.24 dividend. The ex-dividend date is Thursday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio (DPR) is presently 82.24%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FAST. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. UBS Group raised Fastenal from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research note on Monday, December 15th. Barclays reduced their target price on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, November 13th. Robert W. Baird decreased their target price on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Finally, Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.73.

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.