Confluence Investment Management LLC Sells 121,848 Shares of Fastenal Company $FAST

Confluence Investment Management LLC trimmed its holdings in shares of Fastenal Company (NASDAQ:FAST) by 3.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,093,116 shares of the company’s stock after selling 121,848 shares during the quarter. Fastenal accounts for 1.9% of Confluence Investment Management LLC’s holdings, making the stock its 14th biggest position. Confluence Investment Management LLC’s holdings in Fastenal were worth $124,127,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of Fastenal by 99.6% in the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock valued at $2,281,330,000 after buying an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 103.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after acquiring an additional 23,380,022 shares during the period. Norges Bank bought a new stake in Fastenal in the 2nd quarter valued at $638,648,000. Invesco Ltd. lifted its position in Fastenal by 141.9% in the 2nd quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock valued at $670,898,000 after acquiring an additional 9,370,909 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays lifted their price target on Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, March 6th. Robert W. Baird upped their price objective on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Raymond James Financial set a $48.00 target price on Fastenal in a research report on Thursday, March 5th. Finally, Jefferies Financial Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Fastenal has an average rating of “Hold” and an average price target of $48.83.

Insider Buying and Selling

In other news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the firm’s 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. This represents a 24.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Fastenal Trading Down 1.3%

Fastenal stock opened at $44.49 on Friday. The company has a market cap of $51.09 billion, a price-to-earnings ratio of 40.45, a P/E/G ratio of 2.87 and a beta of 0.88. The firm has a 50-day moving average of $45.23 and a 200-day moving average of $44.05. 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 one year low of $35.31 and a one year high of $50.63.

Fastenal (NASDAQ:FAST) last released its 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 for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the previous year, the business earned $0.46 earnings per share. Fastenal’s quarterly revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were given a dividend of $0.24 per share. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Fastenal’s payout ratio is presently 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.