Concurrent Investment Advisors LLC Decreases Stake in Fastenal Company $FAST

Concurrent Investment Advisors LLC cut its holdings in shares of Fastenal Company (NASDAQ:FAST) by 32.8% during the second quarter, HoldingsChannel.com reports. The fund owned 38,672 shares of the company’s stock after selling 18,911 shares during the period. Concurrent Investment Advisors LLC’s holdings in Fastenal were worth $1,857,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FAST. BlackRock Inc. acquired a new stake in Fastenal in the 2nd quarter valued at about $5,105,454,000. State Street Corp boosted its holdings in shares of Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after purchasing an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock worth $1,898,031,000 after purchasing an additional 919,158 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $48.79 on Thursday. The firm has a 50-day simple moving average of $48.80 and a two-hundred day simple moving average of $46.66. The stock has a market cap of $55.99 billion, a PE ratio of 41.35, a P/E/G ratio of 3.08 and a beta of 0.72. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 EPS. As a group, analysts forecast that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were given a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio is presently 88.14%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wolfe Research reiterated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. William Blair reaffirmed an “outperform” rating on shares of Fastenal in a research note on Friday, September 4th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Finally, Robert W. Baird set a $54.00 price target on shares of Fastenal in a research report on Friday, August 7th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $49.17.

Insider Buying and Selling

In other Fastenal news, Director Michael Ancius sold 3,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by insiders.

Fastenal Company Profile

Fastenal Company (NASDAQ: FAST) is a distributor of industrial and construction supplies. The company provides fasteners such as bolts, nuts, screws and related hardware, along with safety products, tools, material-handling equipment, welding supplies, janitorial products and other maintenance, repair and operations (MRO) materials.

Fastenal serves manufacturers, construction companies, contractors, government organizations and other commercial customers. Its offerings are delivered through a network of branch locations, customer-specific onsite operations, industrial vending machines, e-commerce platforms and other supply-chain services designed to help customers manage inventory and reduce procurement time.

Founded in 1967 by Bob Kierlin in Winona, Minnesota, Fastenal has expanded from a regional fastener supplier into an international industrial distributor.