Symphony Financial Ltd. Co. Lowers Stake in Fastenal (NASDAQ:FAST)

Symphony Financial Ltd. Co. lessened its stake in Fastenal (NASDAQ:FAST) by 69.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,127 shares of the company’s stock after selling 9,343 shares during the period. Symphony Financial Ltd. Co.’s holdings in Fastenal were worth $314,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Truist Financial Corp raised its stake in shares of Fastenal by 1.1% during the second quarter. Truist Financial Corp now owns 108,214 shares of the company’s stock valued at $6,800,000 after acquiring an additional 1,135 shares in the last quarter. Cetera Investment Advisers increased its holdings in Fastenal by 5.0% during the 2nd quarter. Cetera Investment Advisers now owns 138,706 shares of the company’s stock worth $8,716,000 after purchasing an additional 6,660 shares during the period. Sanctuary Advisors LLC bought a new stake in Fastenal during the 2nd quarter valued at $6,409,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Fastenal in the 2nd quarter worth $3,303,000. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of Fastenal by 15.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 2,276 shares of the company’s stock worth $163,000 after buying an additional 308 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $73.24 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28. The company’s fifty day moving average price is $76.43 and its 200-day moving average price is $73.72. Fastenal has a 1-year low of $61.36 and a 1-year high of $84.88. The firm has a market capitalization of $41.96 billion, a PE ratio of 36.44, a price-to-earnings-growth ratio of 3.52 and a beta of 1.02.

Fastenal (NASDAQ:FAST) last posted its quarterly 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). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that Fastenal will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, January 31st will be given a dividend of $0.43 per share. The ex-dividend date is Friday, January 31st. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a yield of 2.35%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Insiders Place Their Bets

In other Fastenal news, Director Daniel L. Johnson sold 8,474 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were 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 approximately $883,199.20. This represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Charles S. Miller sold 23,480 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,772 shares of company stock valued at $5,365,455. 0.41% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FAST. Jefferies Financial Group lifted their price objective on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a report on Friday, December 6th. Hsbc Global Res lowered shares of Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. UBS Group initiated coverage on shares of Fastenal in a research note on Wednesday, November 13th. They set a “neutral” rating and a $88.00 price objective on the stock. Stephens boosted their price objective on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, Robert W. Baird upped their target price on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $76.91.

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.