Dearborn Partners LLC Has $27.65 Million Stock Position in Fastenal Company $FAST

Dearborn Partners LLC cut its holdings in Fastenal Company (NASDAQ:FAST) by 24.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 563,828 shares of the company’s stock after selling 186,327 shares during the quarter. Dearborn Partners LLC’s holdings in Fastenal were worth $27,650,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Fastenal by 1.6% during the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after acquiring an additional 2,346,045 shares in the last quarter. National Pension Service raised its stake in shares of Fastenal by 3.6% during the 3rd quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after purchasing an additional 53,888 shares during the period. Nordea Investment Management AB lifted its holdings in Fastenal by 6.3% during the 3rd quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock worth $181,626,000 after purchasing an additional 219,154 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in Fastenal by 7,923.2% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock worth $62,222,000 after purchasing an additional 1,252,981 shares during the period. Finally, Arjuna Capital bought a new position in Fastenal in the 3rd quarter worth about $3,999,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Up 0.0%

Shares of NASDAQ FAST opened at $46.22 on Friday. The stock has a market capitalization of $53.07 billion, a P/E ratio of 42.02, a PEG ratio of 2.95 and a beta of 0.89. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The firm’s 50 day simple moving average is $43.57 and its two-hundred day simple moving average is $44.45. 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 (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.26. The company 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 firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. As a group, analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. Fastenal’s payout ratio is 87.27%.

Insider Activity at Fastenal

In other news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the transaction, the director owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FAST. 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 reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Robert W. Baird boosted their price target on shares of Fastenal from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Wolfe Research decreased their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a report on Wednesday, January 21st. Finally, Barclays set a $43.00 price objective on Fastenal and gave the company an “equal weight” rating in a research note on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and an average 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.