Shell Asset Management Co. Trims Stake in Fastenal Company $FAST

Shell Asset Management Co. lessened its stake in Fastenal Company (NASDAQ:FAST) by 79.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,913 shares of the company’s stock after selling 180,814 shares during the period. Shell Asset Management Co.’s holdings in Fastenal were worth $2,252,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC acquired a new stake in Fastenal during the fourth quarter valued at $496,000. 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. CWM LLC grew its position in shares of Fastenal by 96.6% during the 2nd quarter. CWM LLC now owns 55,731 shares of the company’s stock valued at $2,341,000 after acquiring an additional 27,379 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Fastenal by 71.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 54,545 shares of the company’s stock valued at $2,338,000 after purchasing an additional 22,704 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Fastenal by 94.9% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 30,659 shares of the company’s stock worth $1,288,000 after purchasing an additional 14,930 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other news, Director Sarah N. Nielsen purchased 1,000 shares of the stock in a transaction dated Wednesday, November 19th. The shares were purchased at an average price of $39.60 per share, with a total value of $39,600.00. Following the transaction, the director owned 5,000 shares in the company, valued at $198,000. The trade was a 25.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.37% of the stock is currently owned by company insiders.

Fastenal Trading Up 1.9%

Shares of FAST opened at $46.41 on Friday. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The stock has a market cap of $53.29 billion, a PE ratio of 42.19, a price-to-earnings-growth ratio of 2.96 and a beta of 0.89. The firm’s fifty day moving average is $43.08 and its two-hundred day moving average is $44.43. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03.

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

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, January 29th. Fastenal’s dividend payout ratio (DPR) is currently 87.27%.

Analysts Set New Price Targets

A number of analysts have recently commented on FAST shares. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Robert W. Baird boosted their target price on shares of Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Finally, Wolfe Research reduced their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.18.

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.