Icon Wealth Advisors LLC Sells 10,490 Shares of Fastenal (NASDAQ:FAST)

Icon Wealth Advisors LLC lessened its holdings in shares of Fastenal (NASDAQ:FAST) by 69.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,567 shares of the company’s stock after selling 10,490 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Fastenal were worth $326,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 3.2% during 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 in the last quarter. Legal & General Group Plc raised its holdings in Fastenal by 3.4% during the second quarter. Legal & General Group Plc now owns 5,909,206 shares of the company’s stock valued at $371,334,000 after buying an additional 193,734 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Fastenal by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 4,665,482 shares of the company’s stock worth $293,179,000 after buying an additional 66,130 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Fastenal by 1.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 4,469,636 shares of the company’s stock worth $319,221,000 after acquiring an additional 48,977 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Fastenal by 19.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after acquiring an additional 636,546 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Trading Up 0.9 %

Shares of FAST opened at $83.08 on Friday. The stock’s 50-day moving average price is $76.26 and its 200 day moving average price is $69.74. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $47.60 billion, a price-to-earnings ratio of 41.33, a P/E/G ratio of 4.83 and a beta of 0.99. Fastenal has a 12-month low of $59.47 and a 12-month high of $84.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion for 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%. Fastenal’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. As a group, research analysts predict that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, October 25th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date was Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Insider Activity

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The trade was a 14.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Lewis Soderberg sold 488 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,289 shares of company stock worth $16,123,438. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Robert W. Baird upped their price objective on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Stephens lifted their target price on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 target price (up previously from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. raised their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.