Confluence Investment Management LLC Sells 17,256 Shares of Fastenal (NASDAQ:FAST)

Confluence Investment Management LLC cut its holdings in shares of Fastenal (NASDAQ:FAST) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,716,128 shares of the company’s stock after selling 17,256 shares during the quarter. Fastenal makes up 1.6% of Confluence Investment Management LLC’s portfolio, making the stock its 19th largest position. Confluence Investment Management LLC owned about 0.30% of Fastenal worth $122,566,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock worth $186,000 after purchasing an additional 143 shares during the last quarter. Compass Ion Advisors LLC increased its position in Fastenal by 1.5% during the third quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock worth $709,000 after buying an additional 146 shares during the last quarter. Catalina Capital Group LLC raised its stake in Fastenal by 4.5% in the third quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock valued at $240,000 after buying an additional 146 shares during the period. 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 valued at $1,030,000 after buying an additional 150 shares during the period. Finally, Sara Bay Financial lifted its position in shares of Fastenal by 1.3% in the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after buying an additional 155 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In related news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the company’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 sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 190,261 shares of company stock worth $13,874,979. Insiders own 0.41% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $83.10 on Friday. The stock’s 50 day moving average is $72.67 and its 200-day moving average is $68.48. Fastenal has a twelve month low of $59.00 and a twelve month high of $83.80. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $47.61 billion, a price-to-earnings ratio of 41.34, a PEG ratio of 4.56 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. The company 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 revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 earnings per share. Sell-side analysts forecast that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 1.88%. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FAST. Bank of America assumed coverage on shares of Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective on the stock. Jefferies Financial Group decreased their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Finally, Stephens lifted their price target on Fastenal from $56.00 to $75.00 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 given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.33.

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.