50,000 Fastenal Company $FAST Shares Sold by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. decreased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 5.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 851,600 shares of the company’s stock after selling 50,000 shares during the period. Fastenal comprises approximately 1.5% of Schwartz Investment Counsel Inc.’s portfolio, making the stock its 20th biggest holding. Schwartz Investment Counsel Inc.’s holdings in Fastenal were worth $42,180,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Integrated Advisors Network LLC raised its holdings in shares of Fastenal by 3.9% in the 3rd quarter. Integrated Advisors Network LLC now owns 5,548 shares of the company’s stock worth $275,000 after purchasing an additional 208 shares in the last quarter. High Net Worth Advisory Group LLC lifted its stake in Fastenal by 2.4% during the second quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company’s stock valued at $433,000 after purchasing an additional 214 shares during the last quarter. Tandem Investment Advisors Inc. lifted its stake in Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after purchasing an additional 224 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after buying an additional 232 shares in the last quarter. Finally, Pure Financial Advisors LLC boosted its holdings in Fastenal by 3.4% during the second quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company’s stock worth $344,000 after buying an additional 235 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. DA Davidson set a $51.00 price target on shares of Fastenal and gave the stock a “neutral” rating in a research report on Tuesday, October 13th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Wolfe Research initiated coverage on Fastenal in a research report on Tuesday, September 15th. They set an “underperform” rating and a $51.00 price objective for the company. Weiss Ratings raised Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, William Blair restated an “outperform” rating on shares of Fastenal in a report on Friday, September 4th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus target price of $51.46.

Fastenal Price Performance

Shares of FAST opened at $51.55 on Wednesday. The business’s 50-day moving average price is $50.42 and its 200 day moving average price is $47.04. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, October 14th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the company posted $0.29 earnings per share. Fastenal’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts anticipate that Fastenal Company will post 1.27 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, October 28th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, October 28th.

Insider Activity

In related news, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.28% of the stock is owned by corporate insiders.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.