Curbstone Financial Management Corp Trims Position in Fastenal (NASDAQ:FAST)

Curbstone Financial Management Corp lessened its holdings in Fastenal (NASDAQ:FAST – Free Report) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,932 shares of the company’s stock after selling 500 shares during the period. Curbstone Financial Management Corp’s holdings in Fastenal were worth $995,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Penobscot Investment Management Company Inc. raised its stake in Fastenal by 1.1% in the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after buying an additional 150 shares in the last quarter. Sara Bay Financial boosted its holdings in shares of Fastenal by 1.3% in the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after buying an additional 155 shares during the period. Trueblood Wealth Management LLC boosted its holdings in shares of Fastenal by 1.4% in the second quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after purchasing an additional 156 shares during the period. Team Hewins LLC boosted its holdings in shares of Fastenal by 4.8% in the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after purchasing an additional 157 shares during the period. Finally, Bleakley Financial Group LLC boosted its holdings in shares of Fastenal by 2.0% in the first quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock worth $630,000 after purchasing an additional 159 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s shares.

Insider transactions at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed via this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s shares.

Analysts on Wall Street are forecasting an increase

A number of equities research analysts have recently commented on the stock. Stephens reaffirmed an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Morgan Stanley initiated coverage on shares of Fastenal in a report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 target price on the stock. Finally, Jefferies Financial Group cut their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average price target of $67.43.

Check out our latest research report on Fastenal

Fastenal trading down 0.9%

Shares of FAST stock opened at $70.71 on Friday. The company has a fifty day simple moving average of $68.57 and a two hundred day simple moving average of $68.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39, and a quick ratio of 2.29. Fastenal has a 1 year low of $53.97 and a 1 year high of $79.04. The stock has a market cap of $40.48 billion, a price-to-earnings ratio of 35.18, a PEG ratio of 3.92 and a beta of 1.01.

Fastenal (NASDAQ:FAST – Get Your Free Report ) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s quarterly revenue was up 1.8% year over year. In the same quarter last year, the company posted earnings of $0.52 per share. As a group, analysts anticipate that Fastenal will post 2.04 earnings per share for the current year.

Fastenal dividend announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a $0.39 dividend. The ex-dividend date was Friday, July 26. This represents an annualized dividend of $1.56 and a dividend yield of 2.21%. Fastenal’s payout ratio is currently 77.61%.

About Fastenal

(Free Report)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America and internationally. It offers fasteners and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, screws, nuts, bolts, studs and related washers that are used in manufactured products and construction projects, as well as in machine maintenance and repair.

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