Bank of New York Mellon Corp Sells 3,765,008 Shares of Fastenal Company $FAST

Bank of New York Mellon Corp trimmed its position in Fastenal Company (NASDAQ:FAST) by 10.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,086,028 shares of the company’s stock after selling 3,765,008 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.71% of Fastenal worth $1,524,459,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the period. TD Private Client Wealth LLC lifted its holdings in Fastenal by 126.5% during the 2nd quarter. TD Private Client Wealth LLC now owns 2,548 shares of the company’s stock valued at $107,000 after purchasing an additional 1,423 shares during the last quarter. ORG Partners LLC boosted its position in Fastenal by 130.9% during the second quarter. ORG Partners LLC now owns 2,644 shares of the company’s stock worth $111,000 after purchasing an additional 1,499 shares during the period. Finally, Signaturefd LLC increased its holdings in shares of Fastenal by 133.2% in the second quarter. Signaturefd LLC now owns 19,983 shares of the company’s stock valued at $839,000 after purchasing an additional 11,415 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. UBS Group restated a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Barclays set a $43.00 target price on Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Finally, Wolfe Research decreased their price objective on Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $48.00.

Fastenal Price Performance

Fastenal stock opened at $43.95 on Wednesday. The firm has a market cap of $50.46 billion, a PE ratio of 39.95, a price-to-earnings-growth ratio of 2.79 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The stock’s fifty day moving average price is $41.63 and its two-hundred day moving average price is $44.47. Fastenal Company has a one year low of $35.31 and a one year high of $50.63.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the prior year, the company posted $0.46 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Thursday, January 29th. This is a boost from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is presently 80.00%.

Insider Transactions at Fastenal

In other news, Director Hsenghung Sam Hsu purchased 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. The trade was a 11.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.37% of the stock is currently owned by insiders.

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.