Envestnet Asset Management Inc. Raises Position in Fastenal (NASDAQ:FAST)

Envestnet Asset Management Inc. lifted its stake in Fastenal (NASDAQ:FAST) by 5.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 629,023 shares of the company’s stock after buying an additional 33,251 shares during the period. Envestnet Asset Management Inc.’s holdings in Fastenal were worth $20,550,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Farmers & Merchants Investments Inc. boosted its position in shares of Fastenal by 94.0% in the second quarter. Farmers & Merchants Investments Inc. now owns 774 shares of the company’s stock worth $25,000 after buying an additional 375 shares during the period. Advisors Preferred LLC purchased a new position in Fastenal in the second quarter valued at about $26,000. Wealthcare Advisory Partners LLC boosted its holdings in Fastenal by 101.2% in the second quarter. Wealthcare Advisory Partners LLC now owns 843 shares of the company’s stock valued at $27,000 after purchasing an additional 424 shares during the last quarter. Clarus Wealth Advisors boosted its holdings in Fastenal by 101.2% in the second quarter. Clarus Wealth Advisors now owns 845 shares of the company’s stock valued at $28,000 after purchasing an additional 425 shares during the last quarter. Finally, FTB Advisors Inc. purchased a new position in Fastenal in the second quarter valued at about $29,000. 83.98% of the stock is owned by institutional investors.

In other news, Director Michael J. Ancius acquired 1,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $28.99 per share, for a total transaction of $28,990.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel L. Johnson acquired 2,500 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were purchased at an average price of $30.49 per share, for a total transaction of $76,225.00. The disclosure for this purchase can be found here. Insiders have sold 54,365 shares of company stock worth $1,937,415 in the last 90 days. 0.62% of the stock is currently owned by insiders.

A number of brokerages recently commented on FAST. Wells Fargo & Co reduced their price target on Fastenal from $35.00 to $30.00 and set a “market perform” rating for the company in a report on Friday, July 12th. Buckingham Research increased their price target on Fastenal from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. ValuEngine downgraded Fastenal from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Robert W. Baird increased their price target on Fastenal from $34.00 to $37.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, BidaskClub raised Fastenal from a “hold” rating to a “buy” rating in a report on Saturday, October 5th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $34.55.

Shares of NASDAQ FAST opened at $37.37 on Wednesday. The stock’s 50 day moving average price is $32.91 and its two-hundred day moving average price is $40.37. Fastenal has a 52-week low of $24.00 and a 52-week high of $37.63. The stock has a market capitalization of $21.10 billion, a P/E ratio of 28.31, a PEG ratio of 1.66 and a beta of 1.24. The company has a quick ratio of 2.06, a current ratio of 4.51 and a debt-to-equity ratio of 0.23.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, October 11th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Fastenal had a return on equity of 32.03% and a net margin of 14.77%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Fastenal’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, analysts anticipate that Fastenal will post 1.38 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.35%. The ex-dividend date is Thursday, October 24th. Fastenal’s payout ratio is currently 66.67%.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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