Bahl & Gaynor Inc. trimmed its position in Fastenal (NASDAQ:FAST) by 6.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 368,010 shares of the company’s stock after selling 24,746 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Fastenal were worth $21,352,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FAST. Delta Asset Management LLC TN lifted its holdings in shares of Fastenal by 3,540.7% in the 3rd quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock worth $182,000 after buying an additional 3,045 shares during the period. Canton Hathaway LLC purchased a new stake in shares of Fastenal in the 3rd quarter worth $186,000. Twin Tree Management LP purchased a new stake in shares of Fastenal in the 2nd quarter worth $203,000. Meyer Handelman Co. purchased a new stake in shares of Fastenal in the 3rd quarter worth $203,000. Finally, Stock Yards Bank & Trust Co. purchased a new stake in shares of Fastenal in the 2nd quarter worth $209,000. Institutional investors and hedge funds own 84.37% of the company’s stock.

In other Fastenal news, CEO Daniel L. Florness bought 2,000 shares of Fastenal stock in a transaction that occurred on Friday, October 12th. The shares were bought at an average cost of $51.95 per share, with a total value of $103,900.00. Following the transaction, the chief executive officer now directly owns 99,845 shares of the company’s stock, valued at approximately $5,186,947.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Joseph Drazkowski bought 830 shares of Fastenal stock in a transaction that occurred on Tuesday, October 23rd. The shares were acquired at an average cost of $50.54 per share, for a total transaction of $41,948.20. Following the completion of the transaction, the insider now directly owns 2,790 shares in the company, valued at $141,006.60. The disclosure for this purchase can be found here. Over the last three months, insiders bought 5,795 shares of company stock valued at $299,849. Corporate insiders own 0.56% of the company’s stock.

Several equities research analysts have weighed in on FAST shares. Buckingham Research started coverage on Fastenal in a report on Monday, October 22nd. They issued a “neutral” rating and a $50.00 target price for the company. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Wednesday, October 3rd. BidaskClub upgraded Fastenal from a “hold” rating to a “buy” rating in a report on Tuesday, August 21st. Wells Fargo & Co set a $50.00 target price on Fastenal and gave the stock a “hold” rating in a report on Thursday, October 11th. Finally, ValuEngine cut Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, October 17th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Fastenal currently has an average rating of “Hold” and an average target price of $56.40.

FAST opened at $55.38 on Wednesday. The firm has a market capitalization of $16.52 billion, a PE ratio of 28.69, a P/E/G ratio of 1.59 and a beta of 1.01. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48. Fastenal has a 12 month low of $47.37 and a 12 month high of $61.14.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.27 billion. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. Research analysts expect that Fastenal will post 2.59 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Tuesday, October 23rd. Fastenal’s payout ratio is 82.90%.

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Fastenal Company 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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Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal (NASDAQ:FAST).

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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