Congress Asset Management Co. Sells 372,898 Shares of Fastenal Company $FAST

Congress Asset Management Co. reduced its position in Fastenal Company (NASDAQ:FAST) by 24.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,176,851 shares of the company’s stock after selling 372,898 shares during the period. Congress Asset Management Co. owned 0.10% of Fastenal worth $47,227,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC bought a new position in Fastenal during the second quarter worth about $27,000. SOA Wealth Advisors LLC. raised its position in shares of Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after purchasing an additional 255 shares during the period. REAP Financial Group LLC purchased a new stake in shares of Fastenal during the 3rd quarter valued at approximately $30,000. First Horizon Corp bought a new position in Fastenal in the 3rd quarter worth approximately $33,000. Finally, Financial Perspectives Inc boosted its holdings in Fastenal by 414.0% in the 3rd quarter. Financial Perspectives Inc now owns 699 shares of the company’s stock worth $34,000 after buying an additional 563 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Fastenal stock opened at $44.45 on Tuesday. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $51.04 billion, a PE ratio of 40.41, a price-to-earnings-growth ratio of 2.79 and a beta of 0.88. The firm’s 50 day simple moving average is $45.33 and its 200 day simple moving average is $43.89.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 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 firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the firm earned $0.46 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were given a dividend of $0.24 per share. The ex-dividend date was Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is presently 87.27%.

Insider Transactions at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the transaction, the director directly owned 50,000 shares in the company, valued at $2,209,500. This represents a 24.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FAST has been the topic of a number of analyst reports. UBS Group reissued a “neutral” rating and set a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Robert W. Baird lifted their price target on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Finally, Raymond James Financial set a $48.00 target price on Fastenal in a research note on Thursday, March 5th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $48.83.

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.