Intech Investment Management LLC Cuts Stock Position in Fastenal (NASDAQ:FAST)

Intech Investment Management LLC lessened its holdings in Fastenal (NASDAQ:FAST - Free Report) by 46.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 398,618 shares of the company's stock after selling 351,194 shares during the period. Intech Investment Management LLC owned 0.07% of Fastenal worth $28,469,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of FAST. Acadian Asset Management LLC increased its stake in Fastenal by 84.5% in the 1st quarter. Acadian Asset Management LLC now owns 2,735 shares of the company's stock worth $210,000 after buying an additional 1,253 shares in the last quarter. Bessemer Group Inc. grew its position in shares of Fastenal by 10.2% during the first quarter. Bessemer Group Inc. now owns 84,534 shares of the company's stock valued at $6,520,000 after purchasing an additional 7,796 shares in the last quarter. MQS Management LLC purchased a new position in shares of Fastenal during the first quarter valued at about $340,000. Wellington Wealth Strategies LLC. purchased a new position in shares of Fastenal during the first quarter valued at about $265,000. Finally, EP Wealth Advisors LLC grew its position in shares of Fastenal by 7.6% during the first quarter. EP Wealth Advisors LLC now owns 8,112 shares of the company's stock valued at $626,000 after purchasing an additional 573 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

Fastenal stock opened at $81.82 on Thursday. The company has a 50 day moving average price of $75.74 and a 200-day moving average price of $69.51. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. Fastenal has a fifty-two week low of $59.47 and a fifty-two week high of $84.88. The company has a market capitalization of $46.87 billion, a PE ratio of 40.71, a P/E/G ratio of 4.78 and a beta of 0.99.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company's revenue was up 3.5% on a year-over-year basis. As a group, equities analysts forecast that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Friday, October 25th. Fastenal's dividend payout ratio is presently 77.61%.

Insider Buying and Selling

In related news, CAO Sheryl Ann Lisowski sold 13,567 shares of the business's stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $76.19, for a total value of $1,033,669.73. Following the completion of the transaction, the chief accounting officer now owns 5,096 shares of the company's stock, valued at $388,264.24. The trade was a 72.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Daniel L. Florness sold 31,818 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares of the company's stock, valued at $24,168,521. This trade represents a 10.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 208,289 shares of company stock valued at $16,123,438 over the last 90 days. Corporate insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FAST. Bank of America began coverage on Fastenal in a research report on Monday, October 7th. They set a "buy" rating and a $85.00 price objective for the company. UBS Group initiated coverage on Fastenal in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $88.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, October 10th. Morgan Stanley lifted their price target on Fastenal from $72.00 to $76.00 and gave the stock an "equal weight" rating in a research report on Monday, October 14th. Finally, Stephens lifted their price target on Fastenal from $56.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Monday, October 14th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Fastenal has an average rating of "Hold" and a consensus target price of $74.80.

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.

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