Norris Perne & French LLP MI Trims Stake in Fastenal (NASDAQ:FAST)

Norris Perne & French LLP MI reduced its position in shares of Fastenal (NASDAQ:FAST) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 293,207 shares of the company’s stock after selling 4,437 shares during the quarter. Fastenal comprises about 1.6% of Norris Perne & French LLP MI’s portfolio, making the stock its 17th biggest position. Norris Perne & French LLP MI owned 0.05% of Fastenal worth $22,618,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Fastenal in the 4th quarter valued at $405,513,000. Confluence Investment Management LLC acquired a new stake in shares of Fastenal in the 1st quarter worth $195,459,000. TD Asset Management Inc boosted its position in shares of Fastenal by 112.9% in the 4th quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock worth $173,566,000 after purchasing an additional 1,420,763 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of Fastenal by 15.2% in the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after purchasing an additional 1,043,529 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in shares of Fastenal by 46.2% in the 1st quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after purchasing an additional 1,006,402 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

NASDAQ:FAST traded down $0.49 during trading hours on Friday, hitting $62.84. 5,921,891 shares of the stock were exchanged, compared to its average volume of 3,313,607. Fastenal has a 52-week low of $53.83 and a 52-week high of $79.04. The firm’s fifty day moving average price is $65.84 and its 200 day moving average price is $68.59. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. The company has a market cap of $35.98 billion, a P/E ratio of 31.11, a P/E/G ratio of 3.38 and a beta of 1.02.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the firm posted $0.52 earnings per share. Fastenal’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that Fastenal will post 2.08 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Wednesday, April 24th. Fastenal’s dividend payout ratio is currently 77.23%.

Insider Transactions at Fastenal

In related news, Director Hsenghung Sam Hsu bought 500 shares of the stock in a transaction dated Monday, June 10th. The shares were acquired at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares in the company, valued at approximately $221,480. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fastenal news, Director Daniel L. Johnson acquired 3,350 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were purchased at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the acquisition, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu acquired 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was acquired at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stifel Nicolaus raised their price objective on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Loop Capital lowered their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Robert W. Baird lowered their price objective on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Finally, HSBC lifted their price target on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $68.80.

Fastenal Profile

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.