Sequoia Financial Advisors LLC Increases Position in Fastenal (NASDAQ:FAST)

Sequoia Financial Advisors LLC boosted its holdings in shares of Fastenal (NASDAQ:FAST) by 62.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,516 shares of the company’s stock after purchasing an additional 4,047 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Fastenal were worth $681,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. grew its stake in Fastenal by 0.3% in the 1st quarter. BlackRock Inc. now owns 45,154,559 shares of the company’s stock valued at $2,435,637,000 after acquiring an additional 138,257 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Fastenal by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,830,951 shares of the company’s stock valued at $751,780,000 after purchasing an additional 423,112 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fastenal by 0.9% in the first quarter. Geode Capital Management LLC now owns 13,676,410 shares of the company’s stock valued at $736,259,000 after purchasing an additional 117,040 shares during the period. Morgan Stanley increased its stake in shares of Fastenal by 37.8% during the fourth quarter. Morgan Stanley now owns 9,092,207 shares of the company’s stock worth $430,243,000 after purchasing an additional 2,492,722 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Fastenal by 0.6% during the 1st quarter. Northern Trust Corp now owns 7,502,384 shares of the company’s stock worth $445,642,000 after purchasing an additional 41,898 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of Fastenal stock opened at $69.39 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. The business’s 50 day moving average price is $73.74 and its 200 day moving average price is $66.08. The company has a market cap of $39.71 billion, a price-to-earnings ratio of 34.35, a PEG ratio of 3.64 and a beta of 1.05. Fastenal has a one year low of $52.28 and a one year high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the firm posted $0.52 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. On average, research analysts predict that Fastenal will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be issued a dividend of $0.39 per share. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.25%. Fastenal’s dividend payout ratio is currently 77.23%.

Insider Activity

In related news, insider William Joseph Drazkowski sold 11,968 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the transaction, the insider now directly owns 5,997 shares in the company, valued at $414,392.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fastenal news, insider William Joseph Drazkowski sold 11,968 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $69.10, for a total value of $826,988.80. Following the transaction, the insider now owns 5,997 shares of the company’s stock, valued at $414,392.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Charles S. Miller sold 23,590 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $69.25, for a total transaction of $1,633,607.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,682 shares of company stock valued at $7,375,853. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FAST has been the topic of several research analyst reports. Robert W. Baird lowered their price objective on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday. HSBC lifted their price target on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday. Loop Capital reduced their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday. Finally, Stifel Nicolaus lifted their target price on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $67.67.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.