Fastenal Company $FAST Shares Sold by Armstrong Henry H Associates Inc.

Armstrong Henry H Associates Inc. trimmed its position in Fastenal Company (NASDAQ:FAST) by 10.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 209,625 shares of the company’s stock after selling 23,163 shares during the period. Fastenal makes up about 0.8% of Armstrong Henry H Associates Inc.’s portfolio, making the stock its 13th largest holding. Armstrong Henry H Associates Inc.’s holdings in Fastenal were worth $8,412,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in Fastenal by 99.6% during the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after purchasing an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in 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 purchasing 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. boosted its stake in shares of Fastenal by 141.9% in the second quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock valued at $670,898,000 after buying an additional 9,370,909 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after buying an additional 7,943,217 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Price Performance

FAST stock opened at $43.76 on Friday. The business has a 50 day moving average price of $45.27 and a 200 day moving average price of $44.01. The stock has a market cap of $50.25 billion, a price-to-earnings ratio of 39.78, a PEG ratio of 2.84 and a beta of 0.88. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company 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 earned $0.46 EPS. The business’s revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate 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. Stockholders of record on Thursday, January 29th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is 87.27%.

Insider Activity

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were 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 directly owned 40,000 shares of the company’s stock, valued at $1,893,600. The trade was a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the transaction, the director directly owned 50,000 shares in the company, valued at $2,209,500. The trade was a 24.20% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FAST. Barclays increased their price target on Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Friday, March 6th. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Raymond James Financial set a $48.00 price objective on Fastenal in a research report on Thursday, March 5th. Robert W. Baird lifted their target price on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Finally, Benchmark restated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.83.

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.