FineMark National Bank & Trust Sells 4,230 Fastenal (NASDAQ:FAST) Shares

FineMark National Bank & Trust cut its stake in shares of Fastenal (NASDAQ:FAST – Free Report) by 26.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,896 shares of the company’s stock after selling 4,230 shares during the quarter. FineMark National Bank & Trust’s holdings in Fastenal were worth $748,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have recently made changes to their positions in the stock. Baird Financial Group Inc. raised its stake in Fastenal by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after buying an additional 1,043,529 shares during the period. Norges Bank bought a new stake in shares of Fastenal in the 4th quarter valued at $405,513,000. Envestnet Asset Management Inc. boosted its stake in Fastenal by 2.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock valued at $310,931,000 after buying an additional 109,028 shares during the period. TD Asset Management Inc raised its stake in Fastenal by 21.2% in the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after purchasing an additional 569,118 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Fastenal by 46.2% in the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after purchasing an additional 1,006,402 shares in the last quarter. 81.38% of shares are currently owned by institutional investors.

The Wall Street analyst weighs in

FAST has been the subject of a number of research analyst reports. Stephens restated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group cut their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th . Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Fastenal has an average rating of “Hold” and an average target price of $66.67, based on data from MarketBeat.com.

Check out our latest research report on FAST

Fastenal price performance

FAST opened at $65.18 on Friday. The stock has a 50-day moving average price of $66.65 and a 200-day moving average price of $68.70. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29, and a debt-to-equity ratio of 0.04. The stock has a market cap of $37.32 billion, a P/E ratio of 32.43, a PEG ratio of 3.72 and a beta of 1.01.

Fastenal (NASDAQ:FAST – Get Your Free Report ) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the business earned $0.52 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. equities analysts forecast that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal announces dividends

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a dividend of $0.39 per share. This represents an annualized dividend of $1.56 and a yield of 2.39%. The ex-dividend date of this dividend was Friday, July 26. Fastenal’s dividend payout ratio is currently 77.61%.

Internal activity at Fastenal

In related news, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In related news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu acquired 500 shares of the stock in a transaction on Monday, June 10th. The shares were acquired at an average cost of $63.28 per share, with a total value of $31,640.00. Following the transaction, the director now directly owns 3,500 shares in the company, valued at $221,480. Disclosure for this purchase can be found here. 0.41% of shares are currently owned by company insiders.

Fixing profile

(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.

Further reading

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