Chicago Capital LLC Trims Stake in Fastenal (NASDAQ:FAST)

Chicago Capital LLC reduced its position in shares of Fastenal (NASDAQ:FAST) by 0.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,331 shares of the company’s stock after selling 1,408 shares during the period. Chicago Capital LLC’s holdings in Fastenal were worth $9,384,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Fastenal in the fourth quarter worth $405,513,000. ProShare Advisors LLC grew its position in Fastenal by 497.3% in the first quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock worth $239,083,000 after acquiring an additional 2,580,478 shares in the last quarter. Confluence Investment Management LLC purchased a new position in Fastenal in the first quarter worth $195,459,000. TD Asset Management Inc grew its position in Fastenal by 112.9% in the fourth quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock worth $173,566,000 after acquiring an additional 1,420,763 shares in the last quarter. Finally, Baird Financial Group Inc. grew its position in Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after acquiring an additional 1,043,529 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Fastenal in a research report on Friday. They issued an “equal weight” rating and a $72.00 target price for the company. Jefferies Financial Group lowered their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Stephens reissued an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price target (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $67.43.

Insider Activity at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu acquired 500 shares of the business’s stock in a transaction on Monday, June 10th. The shares were acquired at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now owns 3,500 shares in the company, valued at $221,480. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Hsenghung Sam Hsu purchased 500 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is owned by corporate insiders.

Fastenal Trading Up 1.1 %

Shares of NASDAQ:FAST traded up $0.71 during midday trading on Friday, hitting $65.89. 3,199,589 shares of the stock traded hands, compared to its average volume of 3,484,385. The stock has a market capitalization of $37.73 billion, a PE ratio of 32.78, a P/E/G ratio of 3.72 and a beta of 1.01. The business’s 50 day moving average is $66.71 and its two-hundred day moving average is $68.67. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. Fastenal has a one year low of $53.83 and a one year high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the previous year, the company earned $0.52 earnings per share. Fastenal’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, research analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared 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 a $1.56 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is currently 77.61%.

Fastenal Company Profile

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, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.