JPMorgan Chase & Co. Reduces Position in Fastenal Company $FAST

JPMorgan Chase & Co. trimmed its position in Fastenal Company (NASDAQ:FAST) by 0.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,545,295 shares of the company’s stock after selling 36,490 shares during the quarter. JPMorgan Chase & Co. owned 0.66% of Fastenal worth $370,021,000 as of its most recent filing with the Securities & Exchange Commission.

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

Fastenal Stock Up 0.6%

Shares of NASDAQ:FAST opened at $45.98 on Thursday. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $43.40 and a two-hundred day simple moving average of $44.43. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The stock has a market capitalization of $52.79 billion, a price-to-earnings ratio of 41.80, a PEG ratio of 2.91 and a beta of 0.89.

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

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be given a $0.24 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is currently 87.27%.

Insider Buying and Selling

In other news, Director Scott Satterlee sold 15,964 shares of the business’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 transaction, the director owned 50,000 shares in the company, valued at $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on FAST shares. Robert W. Baird raised their price target on Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Jefferies Financial Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Finally, Barclays set a $43.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.