Hartford Investment Management Co. Sells 1,142 Shares of Fastenal (NASDAQ:FAST)

by · The Markets Daily

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Hartford Investment Management Co. cut its position in shares of Fastenal (NASDAQ:FAST – Free Report) by 2.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,895 shares of the company’s stock after selling 1,142 shares during the quarter. Hartford Investment Management Co.’s holdings in Fastenal were worth $2,125,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Creative Financial Designs Inc. ADV grew its position in Fastenal by 93.0% in the second quarter. Creative Financial Designs Inc. ADV now owns 438 shares of the company’s stock valued at $26,000 after purchasing an additional 211 shares in the last quarter. Avalon Trust Co acquired a new position in shares of Fastenal during the 1st quarter worth about $29,000. Missouri Trust & Investment Co bought a new position in shares of Fastenal in the 2nd quarter valued at about $29,000. PSI Advisors LLC increased its position in shares of Fastenal by 2,538.1% in the second quarter. PSI Advisors LLC now owns 554 shares of the company’s stock valued at $33,000 after acquiring an additional 533 shares during the last quarter. Finally, Resurgent Financial Advisors LLC bought a new stake in Fastenal during the fourth quarter worth about $33,000. 78.47% of the stock is currently owned by institutional investors.

Fastenal Trading Up 0.4 %

Shares of Fastenal stock opened at $65.34 on Friday. The firm has a 50-day moving average of $60.67 and a 200-day moving average of $58.08. The stock has a market cap of $37.34 billion, a PE ratio of 32.83, a PEG ratio of 3.59 and a beta of 1.09. Fastenal has a 52-week low of $45.70 and a 52-week high of $65.57. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.45 and a current ratio of 4.71.

Fastenal (NASDAQ:FAST – Get Free Report) last announced its earnings results on Thursday, October 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Fastenal had a net margin of 15.57% and a return on equity of 34.16%. Fastenal’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 earnings per share. As a group, sell-side analysts forecast that Fastenal will post 2 EPS for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th were paid a $0.38 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Tuesday, December 5th. Fastenal’s payout ratio is 70.35%.

Insider Activity at Fastenal

In related news, VP Charles S. Miller sold 744 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $64.20, for a total value of $47,764.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Daniel L. Florness sold 20,000 shares of the company’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $60.21, for a total transaction of $1,204,200.00. Following the completion of the sale, the chief executive officer now owns 282,929 shares of the company’s stock, valued at $17,035,155.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Charles S. Miller sold 744 shares of the company’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $64.20, for a total transaction of $47,764.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 148,562 shares of company stock worth $8,806,162. Company insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on FAST. Stifel Nicolaus raised their price target on Fastenal from $61.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, October 13th. HSBC initiated coverage on shares of Fastenal in a research report on Friday, September 15th. They set a “hold” rating and a $59.00 price objective for the company. Finally, StockNews.com initiated coverage on shares of Fastenal in a research report on Thursday, October 5th. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $57.71.

View Our Latest Stock Report on FAST

Fastenal Company Profile

(Free Report)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Further Reading

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