Huntington National Bank Sells 1,086 Shares of Fastenal (NASDAQ:FAST)

Huntington National Bank lessened its stake in shares of Fastenal (NASDAQ:FAST) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,051 shares of the company’s stock after selling 1,086 shares during the quarter. Huntington National Bank’s holdings in Fastenal were worth $2,289,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in FAST. Aaron Wealth Advisors LLC acquired a new stake in Fastenal in the third quarter valued at approximately $310,000. Cetera Investment Advisers increased its position in Fastenal by 499.7% during the 1st quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock valued at $10,186,000 after buying an additional 110,027 shares in the last quarter. M&G Plc acquired a new stake in Fastenal in the first quarter worth about $11,212,000. Wealth Enhancement Advisory Services LLC boosted its stake in Fastenal by 5.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 210,998 shares of the company’s stock worth $13,259,000 after purchasing an additional 11,436 shares in the last quarter. Finally, Peak Financial Advisors LLC acquired a new stake in Fastenal in the 2nd quarter worth approximately $2,643,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Down 0.4 %

NASDAQ FAST opened at $81.85 on Friday. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. Fastenal has a 52 week low of $59.47 and a 52 week high of $84.88. The business’s fifty day simple moving average is $74.64 and its 200-day simple moving average is $69.13. The firm has a market cap of $46.89 billion, a PE ratio of 40.72, a P/E/G ratio of 4.90 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results 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. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the previous year, the firm earned $0.52 EPS. The business’s revenue was up 3.5% on a year-over-year basis. As a group, equities analysts anticipate that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a yield of 1.91%. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Buying and Selling at Fastenal

In related news, CAO Sheryl Ann Lisowski sold 13,567 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $76.19, for a total transaction of $1,033,669.73. Following the completion of the transaction, the chief accounting officer now owns 5,096 shares in the company, valued at approximately $388,264.24. The trade was a 72.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value 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 approximately $19,489,266.52. This represents a 13.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,033 shares of company stock valued at $19,240,434 in the last 90 days. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Stephens boosted their target price on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Morgan Stanley boosted their price objective on 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 raised their target price on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, Bank of America assumed coverage on Fastenal in a research report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $74.80.

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.