Fastenal (NASDAQ:FAST) Shares Sold by Marks Group Wealth Management Inc

by · The Markets Daily

Marks Group Wealth Management Inc cut its stake in Fastenal (NASDAQ:FAST – Free Report) by 0.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,700 shares of the company’s stock after selling 235 shares during the period. Marks Group Wealth Management Inc’s holdings in Fastenal were worth $3,407,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. ProShare Advisors LLC boosted its holdings in shares of Fastenal by 497.3% in the 1st quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock valued at $239,083,000 after purchasing an additional 2,580,478 shares during the last quarter. Marshall Wace LLP grew its position in Fastenal by 4,008.2% during the second quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock valued at $47,522,000 after acquiring an additional 737,833 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Fastenal by 19.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock worth $241,161,000 after purchasing an additional 636,546 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Fastenal in the 2nd quarter valued at about $37,659,000. Finally, TD Asset Management Inc grew its holdings in shares of Fastenal by 21.2% during the 1st quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after purchasing an additional 569,118 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Bank of America started coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price target on the stock. Morgan Stanley lifted their target price on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Robert W. Baird increased their price target on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, JPMorgan Chase & Co. increased their target price on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $73.33.

Read Our Latest Analysis on FAST

Fastenal Stock Up 0.3 %

Shares of NASDAQ FAST opened at $78.09 on Wednesday. The firm has a market cap of $44.74 billion, a price-to-earnings ratio of 38.85, a PEG ratio of 4.58 and a beta of 0.99. Fastenal has a 1 year low of $58.23 and a 1 year high of $79.04. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. The stock’s 50-day simple moving average is $72.35 and its 200-day simple moving average is $68.38.

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

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, October 25th. Fastenal’s payout ratio is currently 77.61%.

Insider Activity

In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William Joseph Drazkowski sold 16,362 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the completion of the transaction, the insider now directly owns 5,997 shares in the company, valued at $465,667.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 190,261 shares of company stock worth $13,874,979. 0.41% of the stock is currently owned by corporate insiders.

About Fastenal

(Free Report)

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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