First Trust Advisors LP Sells 233,122 Shares of Fastenal Company $FAST

First Trust Advisors LP lowered its stake in shares of Fastenal Company (NASDAQ:FAST) by 13.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,510,496 shares of the company’s stock after selling 233,122 shares during the period. First Trust Advisors LP’s holdings in Fastenal were worth $70,087,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Evergreen Advisors LLC bought a new position in Fastenal in the 1st quarter worth about $26,000. Palladiem LLC bought a new stake in shares of Fastenal during the fourth quarter valued at about $25,000. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the fourth quarter valued at about $25,000. MV Capital Management Inc. purchased a new stake in shares of Fastenal in the fourth quarter worth about $29,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in shares of Fastenal in the third quarter worth about $36,000. 81.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on FAST. JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Wolfe Research reiterated an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Robert W. Baird cut their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Finally, Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Stock Performance

NASDAQ:FAST opened at $47.02 on Friday. The stock has a market cap of $53.96 billion, a P/E ratio of 39.85, a PEG ratio of 2.94 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The business’s 50-day moving average price is $45.92 and its two-hundred day moving average price is $45.35. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. As a group, equities analysts predict that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is presently 81.36%.

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.