Envestnet Portfolio Solutions Inc. Sells 11,473 Shares of Fastenal Company $FAST

Envestnet Portfolio Solutions Inc. lowered its holdings in shares of Fastenal Company (NASDAQ:FAST) by 37.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 19,186 shares of the company’s stock after selling 11,473 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Fastenal were worth $941,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in FAST. Teacher Retirement System of Texas grew its stake in shares of Fastenal by 128.9% during the third quarter. Teacher Retirement System of Texas now owns 483,297 shares of the company’s stock valued at $23,701,000 after buying an additional 272,187 shares during the last quarter. Nadler Financial Group Inc. bought a new position in Fastenal during the 3rd quarter worth approximately $216,000. Guardian Wealth Advisors LLC increased its stake in Fastenal by 6.7% in the 3rd quarter. Guardian Wealth Advisors LLC now owns 12,721 shares of the company’s stock worth $624,000 after purchasing an additional 799 shares during the period. iA Global Asset Management Inc. lifted its position in Fastenal by 7.8% in the third quarter. iA Global Asset Management Inc. now owns 190,950 shares of the company’s stock valued at $9,364,000 after purchasing an additional 13,737 shares during the last quarter. Finally, Outlook Wealth Advisors LLC bought a new stake in Fastenal in the third quarter valued at approximately $310,000. 81.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on FAST shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Robert W. Baird lowered their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. UBS Group reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $48.00.

Insider Transactions at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the purchase, the director directly owned 10,000 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sarah N. Nielsen purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, November 19th. The shares were acquired 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 $198,000. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.37% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $43.62 on Thursday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a 50-day simple moving average of $41.71 and a two-hundred day simple moving average of $44.46. 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 firm has a market capitalization of $50.08 billion, a PE ratio of 39.65, a price-to-earnings-growth ratio of 2.80 and a beta of 0.90.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 analyst estimates of $2.04 billion. During the same quarter in the prior year, the company earned $0.46 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

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

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.