Vancity Investment Management Ltd Trims Stock Position in Fastenal (NASDAQ:FAST)

Vancity Investment Management Ltd cut its stake in shares of Fastenal (NASDAQ:FAST) by 14.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 146,837 shares of the company’s stock after selling 24,893 shares during the period. Vancity Investment Management Ltd’s holdings in Fastenal were worth $7,920,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avalon Trust Co purchased a new stake in Fastenal during the 1st quarter valued at approximately $29,000. Ridgewood Investments LLC purchased a new position in shares of Fastenal during the 1st quarter worth approximately $30,000. New Hampshire Trust purchased a new position in shares of Fastenal during the 4th quarter worth approximately $31,000. Resurgent Financial Advisors LLC purchased a new position in shares of Fastenal during the 4th quarter worth approximately $33,000. Finally, Carderock Capital Management Inc. purchased a new position in shares of Fastenal during the 1st quarter worth approximately $42,000. 78.47% of the stock is owned by hedge funds and other institutional investors.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $54.51 on Friday. The business’s fifty day moving average price is $57.44 and its two-hundred day moving average price is $55.17. The stock has a market cap of $31.14 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 3.13 and a beta of 1.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.13 and a current ratio of 4.26. Fastenal has a one year low of $43.73 and a one year high of $59.43.

Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, July 13th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.89 billion. Fastenal had a net margin of 15.52% and a return on equity of 34.63%. Fastenal’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 EPS. On average, analysts forecast that Fastenal will post 1.98 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, July 27th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Wednesday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 71.07%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Stephens downgraded Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research note on Thursday, July 13th. They noted that the move was a valuation call. StockNews.com initiated coverage on Fastenal in a research note on Thursday, August 17th. They set a “hold” rating for the company. Jefferies Financial Group upped their price target on Fastenal from $50.00 to $60.00 in a report on Friday, June 16th. Finally, Robert W. Baird upped their price target on Fastenal from $57.00 to $60.00 in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average price target of $56.67.

Insider Buying and Selling at Fastenal

In other Fastenal news, COO Terry Modock Owen sold 20,000 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $56.15, for a total transaction of $1,123,000.00. Following the transaction, the chief operating officer now owns 7,000 shares of the company’s stock, valued at approximately $393,050. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Fastenal news, COO Terry Modock Owen sold 20,000 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $56.15, for a total transaction of $1,123,000.00. Following the transaction, the chief operating officer now owns 7,000 shares of the company’s stock, valued at approximately $393,050. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael J. Ancius purchased 500 shares of Fastenal stock in a transaction on Monday, July 17th. The shares were acquired at an average cost of $57.53 per share, for a total transaction of $28,765.00. Following the purchase, the director now owns 28,765 shares in the company, valued at $1,654,850.45. The disclosure for this purchase can be found here. 0.45% of the stock is owned by insiders.

About Fastenal

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.