Fastenal Company $FAST Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC trimmed its holdings in shares of Fastenal Company (NASDAQ:FAST) by 2.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 592,990 shares of the company’s stock after selling 15,370 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Fastenal worth $29,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC purchased a new stake in shares of Fastenal during the fourth quarter worth about $496,000. Integrated Wealth Concepts LLC boosted its stake in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Fastenal by 123.8% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,408 shares of the company’s stock worth $59,000 after purchasing an additional 779 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Fastenal by 97.9% during the 2nd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 24,401 shares of the company’s stock worth $1,025,000 after purchasing an additional 12,073 shares during the last quarter. Finally, Advisors Capital Management LLC increased its stake in Fastenal by 101.7% during the 2nd quarter. Advisors Capital Management LLC now owns 5,439 shares of the company’s stock valued at $228,000 after purchasing an additional 2,743 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Morgan Stanley restated a “positive” rating and issued a $45.00 target price on shares of Fastenal in a research note on Thursday, March 5th. UBS Group reaffirmed a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Wolfe Research boosted their price target on Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a research note on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $48.83.

Insiders Place Their Bets

In related news, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the sale, the director owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the transaction, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Fastenal Stock Up 0.5%

Shares of FAST opened at $45.68 on Tuesday. The stock’s 50-day moving average price is $45.00 and its 200-day moving average price is $44.07. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $52.46 billion, a price-to-earnings ratio of 41.53, a PEG ratio of 2.90 and a beta of 0.88. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST) last announced 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. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.Fastenal’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, sell-side analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were paid a $0.24 dividend. The ex-dividend date was Thursday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio (DPR) is presently 87.27%.

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.