Envestnet Asset Management Inc. Sells 49,770 Shares of Fastenal Company $FAST

Envestnet Asset Management Inc. decreased its stake in shares of Fastenal Company (NASDAQ:FAST) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,684,730 shares of the company’s stock after selling 49,770 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Fastenal were worth $474,939,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC raised its position in shares of Fastenal by 12.0% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 67,800 shares of the company’s stock worth $3,325,000 after purchasing an additional 7,238 shares during the last quarter. Alta Capital Management LLC increased its stake in Fastenal by 4.6% during the 3rd quarter. Alta Capital Management LLC now owns 81,145 shares of the company’s stock valued at $3,979,000 after purchasing an additional 3,567 shares in the last quarter. Premier Path Wealth Partners LLC raised its holdings in Fastenal by 5.5% in the third quarter. Premier Path Wealth Partners LLC now owns 11,409 shares of the company’s stock worth $559,000 after buying an additional 593 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in shares of Fastenal by 75.6% in the third quarter. Cornerstone Planning Group LLC now owns 1,282 shares of the company’s stock worth $63,000 after buying an additional 552 shares in the last quarter. Finally, Wallace Hart LLC purchased a new stake in shares of Fastenal during the third quarter valued at approximately $1,022,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the acquisition, the director owned 10,000 shares in the company, valued at $495,800. This trade represents a 11.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Wolfe Research decreased their price target on Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research note on Wednesday, January 21st. Robert W. Baird lowered their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Finally, UBS Group reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $48.00.

Fastenal Stock Up 4.2%

FAST stock opened at $48.28 on Thursday. The company has a market cap of $55.43 billion, a price-to-earnings ratio of 43.89, a P/E/G ratio of 2.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The business’s 50-day moving average is $42.25 and its two-hundred day moving average is $44.45. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the previous year, the company posted $0.46 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts forecast that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is 87.27%.

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.