Axxcess Wealth Management LLC Sells 4,219 Shares of Fastenal (NASDAQ:FAST)

Axxcess Wealth Management LLC reduced its stake in shares of Fastenal (NASDAQ:FAST) by 22.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 14,284 shares of the company’s stock after selling 4,219 shares during the period. Axxcess Wealth Management LLC’s holdings in Fastenal were worth $925,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Van ECK Associates Corp lifted its stake in Fastenal by 5.7% during the 4th quarter. Van ECK Associates Corp now owns 101,713 shares of the company’s stock valued at $6,588,000 after acquiring an additional 5,509 shares in the last quarter. Raymond James & Associates lifted its position in shares of Fastenal by 3.7% during the fourth quarter. Raymond James & Associates now owns 900,171 shares of the company’s stock valued at $58,304,000 after purchasing an additional 31,814 shares in the last quarter. ICW Investment Advisors LLC boosted its holdings in Fastenal by 2.0% during the fourth quarter. ICW Investment Advisors LLC now owns 36,090 shares of the company’s stock worth $2,338,000 after purchasing an additional 694 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Fastenal during the fourth quarter worth about $13,204,000. Finally, Assenagon Asset Management S.A. grew its position in Fastenal by 178.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 78,030 shares of the company’s stock worth $5,054,000 after purchasing an additional 49,972 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In related news, Director Daniel L. Johnson acquired 3,350 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were acquired at an average price of $68.38 per share, with a total value of $229,073.00. Following the acquisition, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Daniel L. Johnson acquired 3,350 shares of Fastenal stock in a transaction that occurred on Wednesday, April 17th. The stock was bought at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares in the company, valued at $724,486.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Charles S. Miller sold 11,076 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $75.16, for a total transaction of $832,472.16. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $66.74 on Tuesday. Fastenal has a 1 year low of $52.86 and a 1 year high of $79.04. The stock’s fifty day moving average price is $73.01 and its two-hundred day moving average price is $67.23. The firm has a market cap of $38.21 billion, a PE ratio of 33.04, a PEG ratio of 3.58 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49.

Fastenal (NASDAQ:FAST) last posted its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. Fastenal’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. On average, equities research analysts forecast that Fastenal will post 2.12 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $1.56 annualized dividend and a dividend yield of 2.34%. Fastenal’s dividend payout ratio is currently 77.23%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FAST shares. HSBC boosted their target price on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. Robert W. Baird reduced their price objective on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday. Stifel Nicolaus lifted their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, Loop Capital reduced their price target on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $67.33.

Fastenal Company 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.