ProShare Advisors LLC Sells 777,230 Shares of Fastenal Company $FAST

ProShare Advisors LLC lessened its position in Fastenal Company (NASDAQ:FAST) by 13.6% during the third quarter, Holdings Channel reports. The fund owned 4,940,794 shares of the company’s stock after selling 777,230 shares during the period. ProShare Advisors LLC’s holdings in Fastenal were worth $242,297,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Private Wealth Management Group LLC raised its holdings in shares of Fastenal by 111.9% during the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after buying an additional 339 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in Fastenal in the second quarter worth approximately $27,000. NewSquare Capital LLC grew its position in Fastenal by 197.5% during the second quarter. NewSquare Capital LLC now owns 714 shares of the company’s stock valued at $30,000 after acquiring an additional 474 shares during the last quarter. MV Capital Management Inc. raised its stake in shares of Fastenal by 96.1% during the second quarter. MV Capital Management Inc. now owns 712 shares of the company’s stock worth $30,000 after acquiring an additional 349 shares in the last quarter. Finally, SOA Wealth Advisors LLC. lifted its holdings in shares of Fastenal by 71.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after acquiring an additional 255 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Up 0.8%

Shares of NASDAQ:FAST opened at $47.73 on Monday. The stock’s 50-day moving average is $42.54 and its 200 day moving average is $44.44. The company has a market cap of $54.80 billion, a PE ratio of 43.39, a P/E/G ratio of 3.04 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data 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 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 analysts’ expectations of $2.04 billion. During the same quarter last year, the business posted $0.46 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s payout ratio is presently 87.27%.

Insiders Place Their Bets

In related news, Director Sarah N. Nielsen bought 1,000 shares of the company’s stock in a transaction dated 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 transaction, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the business’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 transaction, the director owned 50,000 shares in the company, valued at $2,209,500. This represents a 24.20% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FAST. Barclays set a $43.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Wolfe Research reduced their price objective on Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a research note on Wednesday, January 21st. UBS Group reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Finally, Jefferies Financial Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.18.

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.