Tyche Wealth Partners LLC Takes $654,000 Position in Fastenal (NASDAQ:FAST)

Tyche Wealth Partners LLC acquired a new position in shares of Fastenal (NASDAQ:FAST - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 9,093 shares of the company's stock, valued at approximately $654,000.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its stake in Fastenal by 5.1% in the 3rd quarter. State Street Corp now owns 27,989,485 shares of the company's stock valued at $1,999,009,000 after buying an additional 1,346,863 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Fastenal by 3.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company's stock valued at $1,419,690,000 after purchasing an additional 608,596 shares during the period. Geode Capital Management LLC increased its position in shares of Fastenal by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company's stock valued at $1,188,251,000 after purchasing an additional 880,372 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Fastenal by 5.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,718,200 shares of the company's stock valued at $336,974,000 after purchasing an additional 226,126 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Fastenal by 3.8% during the 3rd quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company's stock worth $350,703,000 after purchasing an additional 165,423 shares during the period. Institutional investors own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of research analyst reports. Hsbc Global Res downgraded shares of Fastenal from a "hold" rating to a "moderate sell" rating in a report on Wednesday, December 11th. Wolfe Research increased their price objective on Fastenal from $74.00 to $76.00 and gave the company an "underweight" rating in a report on Thursday, January 16th. Robert W. Baird boosted their target price on Fastenal from $67.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. HSBC cut Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price target on the stock. in a research report on Wednesday, December 11th. Finally, UBS Group assumed coverage on Fastenal in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $88.00 price objective on the stock. 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 company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $76.91.

Fastenal Price Performance

Shares of Fastenal stock traded down $0.81 during trading on Friday, hitting $73.84. The stock had a trading volume of 2,971,859 shares, compared to its average volume of 3,333,444. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. Fastenal has a 12 month low of $61.36 and a 12 month high of $84.88. The firm has a market cap of $42.30 billion, a price-to-earnings ratio of 36.74, a P/E/G ratio of 3.55 and a beta of 1.02. The business's 50-day moving average is $75.44 and its 200 day moving average is $73.94.

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

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Fastenal's previous quarterly dividend of $0.39. Fastenal's dividend payout ratio is currently 85.57%.

Insider Buying and Selling at Fastenal

In other Fastenal news, VP Charles S. Miller sold 23,480 shares of Fastenal stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel L. Johnson sold 8,474 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total value of $706,392.64. Following the sale, the director now directly owns 10,595 shares of the company's stock, valued at approximately $883,199.20. This trade represents a 44.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,772 shares of company stock worth $5,365,455 over the last 90 days. Corporate insiders own 0.41% of the company's stock.

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.