Conestoga Capital Advisors LLC Reduces Stock Position in Fastenal (NASDAQ:FAST)

Conestoga Capital Advisors LLC cut its stake in Fastenal (NASDAQ:FAST) by 26.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,885 shares of the company’s stock after selling 3,200 shares during the period. Conestoga Capital Advisors LLC’s holdings in Fastenal were worth $635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Central Valley Advisors LLC acquired a new position in Fastenal in the second quarter valued at approximately $28,000. Triad Wealth Partners LLC acquired a new position in Fastenal during the second quarter worth $32,000. Crewe Advisors LLC lifted its stake in Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares in the last quarter. Moisand Fitzgerald Tamayo LLC lifted its stake in Fastenal by 1,019.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after purchasing an additional 428 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new position in Fastenal during the second quarter worth $35,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of NASDAQ:FAST traded up $0.09 during trading on Friday, reaching $78.27. The company had a trading volume of 919,766 shares, compared to its average volume of 3,322,089. The firm’s fifty day moving average is $71.74 and its 200 day moving average is $68.18. The firm has a market capitalization of $44.84 billion, a PE ratio of 38.90, a price-to-earnings-growth ratio of 4.59 and a beta of 1.01. Fastenal has a twelve month low of $58.23 and a twelve month high of $79.04. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. On average, equities analysts forecast that Fastenal will post 2.03 EPS for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be paid a $0.39 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a yield of 1.99%. Fastenal’s payout ratio is presently 77.61%.

Insider Activity at Fastenal

In other Fastenal news, EVP Anthony Paul Broersma sold 680 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total value of $52,944.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastenal news, Director Rita J. Heise sold 10,888 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $77.67, for a total value of $845,670.96. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,553,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Anthony Paul Broersma sold 680 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total transaction of $52,944.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 190,261 shares of company stock worth $13,874,979. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FAST. Stephens increased their price objective on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their target price on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Bank of America began coverage on Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Jefferies Financial Group dropped their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Morgan Stanley raised their price objective on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $73.33.

About Fastenal

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.