Fastenal Company $FAST Shares Sold by Madison Asset Management LLC

Madison Asset Management LLC cut its position in shares of Fastenal Company (NASDAQ:FAST) by 32.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 248,234 shares of the company’s stock after selling 120,558 shares during the period. Madison Asset Management LLC’s holdings in Fastenal were worth $12,173,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its stake in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares in the last quarter. Sowell Financial Services LLC raised its holdings in Fastenal by 4.7% in the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after purchasing an additional 238 shares during the period. Rowlandmiller & PARTNERS.ADV boosted its position in Fastenal by 1.7% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock worth $721,000 after purchasing an additional 250 shares in the last quarter. SOA Wealth Advisors LLC. boosted its position in Fastenal by 71.6% during the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after purchasing an additional 255 shares in the last quarter. Finally, Harfst & Associates Inc. grew its holdings in Fastenal by 0.4% in the third quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock valued at $3,125,000 after purchasing an additional 256 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FAST. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Wolfe Research cut their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Finally, Barclays set a $43.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus target price of $48.18.

Fastenal Stock Performance

NASDAQ:FAST opened at $47.02 on Thursday. The company has a market cap of $53.99 billion, a P/E ratio of 42.75, a P/E/G ratio of 2.98 and a beta of 0.89. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The company’s 50-day moving average price is $42.91 and its 200-day moving average price is $44.44. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 quarter in the prior year, the company earned $0.46 EPS. Fastenal’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio (DPR) is currently 87.27%.

Insiders Place Their Bets

In other news, Director Sarah N. Nielsen acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average price of $39.60 per share, with a total value of $39,600.00. Following the completion of the acquisition, the director owned 5,000 shares of the company’s stock, valued at $198,000. This trade represents a 25.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the sale, the director owned 50,000 shares of the company’s stock, 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. 0.37% of the stock is owned by company insiders.

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.