CoreCap Advisors LLC Decreases Position in Fastenal Company $FAST

CoreCap Advisors LLC decreased its stake in Fastenal Company (NASDAQ:FAST) by 16.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 80,420 shares of the company’s stock after selling 16,009 shares during the quarter. CoreCap Advisors LLC’s holdings in Fastenal were worth $3,944,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Riverview Trust Co increased its position in Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after acquiring an additional 292 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Fastenal during the 2nd quarter worth about $27,000. Private Wealth Management Group LLC grew its holdings in Fastenal by 111.9% during the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after purchasing an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in Fastenal in the 2nd quarter worth about $27,000. Finally, Armstrong Advisory Group Inc. raised its position in Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after purchasing an additional 348 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 2.2%

NASDAQ:FAST opened at $40.62 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a 50-day moving average of $40.99 and a 200 day moving average of $44.37. The firm has a market cap of $46.63 billion, a PE ratio of 37.96, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90.

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

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th were paid a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. Fastenal’s payout ratio is 82.24%.

Insiders Place Their Bets

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at $495,800. The trade was a 11.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Sarah N. Nielsen purchased 1,000 shares of Fastenal stock in a transaction dated Wednesday, November 19th. The stock was bought at an average cost of $39.60 per share, with a total value of $39,600.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at approximately $198,000. This represents a 25.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 3,000 shares of company stock valued at $131,630. 0.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FAST. Robert W. Baird cut their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective for the company in a report on Thursday, November 13th. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. UBS Group upgraded Fastenal from a “hold” rating to a “buy” rating and lifted their target price for the stock from $45.00 to $52.00 in a research report on Monday, December 15th. Finally, Barclays cut their price target on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus target price of $48.73.

Fastenal Profile

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.