Congress Asset Management Co. Sells 205,796 Shares of Fastenal Company $FAST

Congress Asset Management Co. lowered its stake in shares of Fastenal Company (NASDAQ:FAST) by 11.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,549,749 shares of the company’s stock after selling 205,796 shares during the quarter. Congress Asset Management Co. owned about 0.14% of Fastenal worth $76,000,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of FAST. Bartlett & CO. Wealth Management LLC increased its holdings in shares of Fastenal by 21.2% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 10,899 shares of the company’s stock worth $534,000 after purchasing an additional 1,904 shares during the period. AdvisorNet Financial Inc grew its position in Fastenal by 321.7% during the third quarter. AdvisorNet Financial Inc now owns 2,960 shares of the company’s stock worth $145,000 after buying an additional 2,258 shares in the last quarter. Marshall Financial Group LLC grew its position in Fastenal by 4.5% during the third quarter. Marshall Financial Group LLC now owns 23,203 shares of the company’s stock worth $1,138,000 after buying an additional 1,006 shares in the last quarter. Wedmont Private Capital increased its stake in Fastenal by 4.4% during the third quarter. Wedmont Private Capital now owns 18,803 shares of the company’s stock valued at $892,000 after acquiring an additional 799 shares during the period. Finally, Czech National Bank raised its holdings in Fastenal by 3.9% in the 3rd quarter. Czech National Bank now owns 291,476 shares of the company’s stock valued at $14,294,000 after acquiring an additional 11,050 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu acquired 1,000 shares of Fastenal stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the purchase, the director owned 10,000 shares in the company, valued at $495,800. This trade represents a 11.11% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Sarah N. Nielsen bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The shares were acquired at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. The trade was a 25.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 3,000 shares of company stock valued at $131,630. Corporate insiders own 0.37% of the company’s stock.

Fastenal Stock Up 0.0%

Shares of NASDAQ:FAST opened at $42.35 on Friday. The company’s fifty day moving average is $41.33 and its 200-day moving average is $44.44. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a market capitalization of $48.62 billion, a PE ratio of 39.58, a P/E/G ratio of 3.39 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 earnings per share. Equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FAST. Sanford C. Bernstein started coverage on Fastenal in a research report on Tuesday, November 11th. They set an “underperform” rating and a $38.00 price objective on the stock. UBS Group raised shares of Fastenal from a “hold” rating to a “buy” rating and boosted their price target for the company from $45.00 to $52.00 in a report on Monday, December 15th. Barclays dropped their price objective on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 15th. Finally, Wolfe Research raised shares of Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price target for the company in a research report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $48.73.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.