Principal Financial Group Inc. Sells 517,695 Shares of Fastenal Company $FAST

Principal Financial Group Inc. decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 4.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 12,569,991 shares of the company’s stock after selling 517,695 shares during the period. Principal Financial Group Inc. owned about 1.09% of Fastenal worth $616,434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its holdings in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Sowell Financial Services LLC increased its stake in shares of Fastenal by 4.7% in the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after acquiring an additional 238 shares in the last quarter. Rowlandmiller & PARTNERS.ADV increased its stake in shares of Fastenal by 1.7% in the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock worth $721,000 after acquiring an additional 250 shares in the last quarter. SOA Wealth Advisors LLC. lifted its position in Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares during the period. Finally, Harfst & Associates Inc. boosted its stake in Fastenal by 0.4% during the third quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock worth $3,125,000 after acquiring an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other news, Director Sarah N. Nielsen purchased 1,000 shares of the stock in a transaction dated Wednesday, November 19th. The shares were purchased at an average cost of $39.60 per share, with a total value of $39,600.00. Following the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $198,000. This represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was purchased at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the purchase, the director owned 10,000 shares in the company, valued at approximately $495,800. The trade was a 11.11% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

Fastenal Price Performance

NASDAQ FAST opened at $43.36 on Friday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The stock has a 50-day moving average of $41.86 and a 200 day moving average of $44.44. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The company has a market capitalization of $49.78 billion, a price-to-earnings ratio of 39.42, a PEG ratio of 2.76 and a beta of 0.90.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same quarter in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be issued a $0.24 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, January 29th. Fastenal’s dividend payout ratio is 87.27%.

Analyst Ratings Changes

A number of brokerages have weighed in on FAST. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. UBS Group reiterated a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Barclays set a $43.00 price target on Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Finally, Wolfe Research dropped their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a research note on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $48.00.

Fastenal Company 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.