Ferguson Wellman Capital Management Inc. Trims Stake in Fastenal (NASDAQ:FAST)

Ferguson Wellman Capital Management Inc. trimmed its stake in Fastenal (NASDAQ:FAST - Free Report) by 70.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,355 shares of the company's stock after selling 17,573 shares during the quarter. Ferguson Wellman Capital Management Inc.'s holdings in Fastenal were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Aaron Wealth Advisors LLC purchased a new stake in Fastenal in the 3rd quarter worth approximately $310,000. Comgest Global Investors S.A.S. raised its position in Fastenal by 73.0% in the 3rd quarter. Comgest Global Investors S.A.S. now owns 87,081 shares of the company's stock worth $6,219,000 after purchasing an additional 36,742 shares during the period. PNC Financial Services Group Inc. raised its position in Fastenal by 1.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company's stock worth $26,373,000 after purchasing an additional 6,488 shares during the period. Matrix Trust Co purchased a new position in Fastenal in the 4th quarter worth $1,756,000. Finally, Franklin Resources Inc. increased its position in shares of Fastenal by 3.8% in the third quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company's stock valued at $350,703,000 after acquiring an additional 165,423 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

Shares of NASDAQ:FAST traded down $0.01 during midday trading on Friday, reaching $74.78. 2,549,000 shares of the company were exchanged, compared to its average volume of 3,072,347. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The business's fifty day moving average is $74.78 and its two-hundred day moving average is $74.05. Fastenal has a one year low of $61.36 and a one year high of $84.88. The stock has a market cap of $42.88 billion, a PE ratio of 37.20, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.02). Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the prior year, the company posted $0.46 EPS. Fastenal's revenue was up 3.7% compared to the same quarter last year. As a group, analysts predict that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, January 31st will be given a dividend of $0.43 per share. The ex-dividend date is Friday, January 31st. This represents a $1.72 annualized dividend and a yield of 2.30%. This is a positive change from Fastenal's previous quarterly dividend of $0.39. Fastenal's dividend payout ratio (DPR) is 85.57%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Hsbc Global Res cut shares of Fastenal from a "hold" rating to a "moderate sell" rating in a research report on Wednesday, December 11th. Wolfe Research upped their target price on shares of Fastenal from $74.00 to $76.00 and gave the stock an "underweight" rating in a research note on Thursday, January 16th. Stifel Nicolaus dropped their target price on shares of Fastenal from $86.00 to $82.00 and set a "hold" rating on the stock in a research note on Tuesday, January 21st. HSBC cut shares of Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price objective for the company. in a report on Wednesday, December 11th. Finally, Jefferies Financial Group upped their target price on shares of Fastenal from $74.00 to $85.00 and gave the company a "hold" rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $76.91.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.