Griffin Asset Management Inc. Lowers Stake in Fastenal (NASDAQ:FAST)

Griffin Asset Management Inc. cut its position in Fastenal (NASDAQ:FAST) by 6.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,039 shares of the company’s stock after selling 1,235 shares during the period. Griffin Asset Management Inc.’s holdings in Fastenal were worth $1,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in Fastenal during the 3rd quarter valued at approximately $25,000. Knuff & Co LLC bought a new position in shares of Fastenal during the third quarter worth $27,000. Moisand Fitzgerald Tamayo LLC grew its stake in Fastenal by 1,019.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after acquiring an additional 428 shares in the last quarter. First Personal Financial Services bought a new stake in Fastenal in the 3rd quarter valued at $36,000. Finally, CVA Family Office LLC lifted its stake in Fastenal by 51.0% in the 3rd quarter. CVA Family Office LLC now owns 533 shares of the company’s stock worth $38,000 after purchasing an additional 180 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FAST. Jefferies Financial Group lifted their target price on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Robert W. Baird increased their target price on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. raised their target price on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Stifel Nicolaus decreased their price target on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. 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 target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $76.91.

Insiders Place Their Bets

In other news, Director Daniel L. Johnson sold 8,474 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total value of $706,392.64. Following the sale, the director now directly owns 10,595 shares in the company, valued at approximately $883,199.20. This trade represents a 44.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rita J. Heise sold 10,888 shares of the firm’s 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 completion of the sale, the director now owns 20,000 shares in the company, valued at approximately $1,553,400. This represents a 35.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 74,660 shares of company stock worth $6,211,126 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Fastenal Stock Up 0.9 %

NASDAQ FAST opened at $76.25 on Tuesday. The business’s fifty day simple moving average is $77.18 and its 200-day simple moving average is $73.52. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03. The firm has a market cap of $43.68 billion, a PE ratio of 37.93, a P/E/G ratio of 3.60 and a beta of 1.02. Fastenal has a 52 week low of $61.36 and a 52 week high of $84.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1,842,560.16 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. As a group, equities analysts anticipate that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, January 31st will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

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.