Advisors Management Group Inc. ADV Reduces Holdings in Fastenal (NASDAQ:FAST)

Advisors Management Group Inc. ADV lowered its holdings in Fastenal (NASDAQ:FAST) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,900 shares of the company’s stock after selling 465 shares during the quarter. Advisors Management Group Inc. ADV’s holdings in Fastenal were worth $636,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FAST. Central Valley Advisors LLC purchased a new stake in Fastenal in the 2nd quarter worth approximately $28,000. Triad Wealth Partners LLC purchased a new stake in Fastenal in the 2nd quarter worth approximately $32,000. Crewe Advisors LLC lifted its holdings in Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares during the period. Moisand Fitzgerald Tamayo LLC lifted its holdings in Fastenal by 1,019.0% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after buying an additional 428 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Fastenal in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Bank of America assumed coverage on Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 target price for the company. Robert W. Baird raised 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. Stephens raised their target price on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $86.00 price objective (up previously from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. raised their price objective on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $73.33.

Fastenal Stock Up 7.0 %

Fastenal stock opened at $83.57 on Thursday. The firm has a market cap of $47.88 billion, a price-to-earnings ratio of 41.58, a PEG ratio of 4.56 and a beta of 0.99. The stock has a fifty day simple moving average of $72.67 and a two-hundred day simple moving average of $68.48. Fastenal has a 12 month low of $58.28 and a 12 month high of $83.80. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. Equities analysts predict that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company 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 $0.39 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.87%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Insider Transactions at Fastenal

In other news, Director Rita J. Heise sold 10,888 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $77.67, for a total value of $845,670.96. Following the transaction, the director now directly owns 20,000 shares in the company, valued at $1,553,400. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider William Joseph Drazkowski sold 16,362 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total value of $1,270,509.30. Following the transaction, the insider now directly owns 5,997 shares in the company, valued at $465,667.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Rita J. Heise sold 10,888 shares of Fastenal stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $77.67, for a total value of $845,670.96. Following the transaction, the director now owns 20,000 shares in the company, valued at $1,553,400. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 190,261 shares of company stock worth $13,874,979 in the last ninety days. 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.