Dock Street Asset Management Inc. Decreases Stock Holdings in Fastenal (NASDAQ:FAST)

Dock Street Asset Management Inc. decreased its holdings in shares of Fastenal (NASDAQ:FAST) by 3.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,965 shares of the company’s stock after selling 462 shares during the quarter. Fastenal comprises approximately 0.1% of Dock Street Asset Management Inc.’s holdings, making the stock its 28th biggest holding. Dock Street Asset Management Inc.’s holdings in Fastenal were worth $1,076,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Fastenal by 5.1% in the third quarter. State Street Corp now owns 27,989,485 shares of the company’s stock valued at $1,999,009,000 after buying an additional 1,346,863 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Fastenal by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company’s stock valued at $1,419,690,000 after purchasing an additional 608,596 shares during the period. Geode Capital Management LLC lifted its position in shares of Fastenal by 5.6% during the third quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company’s stock worth $1,188,251,000 after purchasing an additional 880,372 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Fastenal by 5.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,718,200 shares of the company’s stock valued at $336,974,000 after purchasing an additional 226,126 shares during the period. Finally, Franklin Resources Inc. increased its stake in Fastenal by 3.8% during the 3rd quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock worth $350,703,000 after buying an additional 165,423 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FAST. Morgan Stanley raised their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. UBS Group assumed coverage on Fastenal in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 target price on the stock. Stephens raised their price target on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Stifel Nicolaus decreased their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Finally, Wolfe Research upped their target price on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $76.91.

Fastenal Stock Up 1.5 %

FAST stock opened at $74.65 on Friday. The company has a 50 day moving average of $75.63 and a two-hundred day moving average of $73.86. The company has a market cap of $42.77 billion, a price-to-earnings ratio of 37.14, a PEG ratio of 3.48 and a beta of 1.02. Fastenal has a 12-month low of $61.36 and a 12-month high of $84.88. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 earnings per share. On average, equities analysts anticipate that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, January 31st will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 2.30%. This is an increase from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, January 31st. Fastenal’s payout ratio is currently 85.57%.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 31,818 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $84.50, for a total value of $2,688,621.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $24,168,521. This trade represents a 10.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel L. Johnson sold 8,474 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.36, for a total value of $706,392.64. Following the sale, the director now directly owns 10,595 shares of the company’s stock, valued at $883,199.20. The trade was a 44.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,772 shares of company stock worth $5,365,455 in the last 90 days. 0.41% of the stock is owned by insiders.

Fastenal 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.