Vestmark Advisory Solutions Inc. Reduces Holdings in Fastenal (NASDAQ:FAST)

Vestmark Advisory Solutions Inc. decreased its position in shares of Fastenal (NASDAQ:FAST) by 8.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,648 shares of the company’s stock after selling 2,036 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Fastenal were worth $707,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Farmers & Merchants Investments Inc. grew its holdings in shares of Fastenal by 94.0% during the second quarter. Farmers & Merchants Investments Inc. now owns 774 shares of the company’s stock worth $25,000 after buying an additional 375 shares during the last quarter. Advisors Preferred LLC purchased a new stake in Fastenal in the 2nd quarter valued at approximately $26,000. Wealthcare Advisory Partners LLC boosted its holdings in Fastenal by 101.2% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 843 shares of the company’s stock valued at $27,000 after purchasing an additional 424 shares in the last quarter. Clarus Wealth Advisors boosted its holdings in Fastenal by 101.2% in the 2nd quarter. Clarus Wealth Advisors now owns 845 shares of the company’s stock valued at $28,000 after purchasing an additional 425 shares in the last quarter. Finally, FTB Advisors Inc. purchased a new stake in Fastenal in the 2nd quarter valued at approximately $29,000. 84.28% of the stock is currently owned by institutional investors.

In other news, Director Willard D. Oberton sold 100,000 shares of Fastenal stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $37.00, for a total transaction of $3,700,000.00. Following the completion of the sale, the director now directly owns 114,194 shares in the company, valued at approximately $4,225,178. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider William Joseph Drazkowski sold 16,666 shares of Fastenal stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $36.77, for a total transaction of $612,808.82. Following the sale, the insider now owns 19,456 shares of the company’s stock, valued at $715,397.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,609 shares of company stock valued at $7,010,375. Insiders own 0.62% of the company’s stock.

FAST traded down $0.88 during trading on Wednesday, reaching $36.02. The company’s stock had a trading volume of 3,306,900 shares, compared to its average volume of 4,718,264. The company’s fifty day moving average price is $34.92 and its 200-day moving average price is $37.02. Fastenal has a 52-week low of $24.60 and a 52-week high of $37.91. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.06 and a current ratio of 4.51. The company has a market capitalization of $21.26 billion, a price-to-earnings ratio of 27.29, a price-to-earnings-growth ratio of 1.67 and a beta of 1.26.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.01. Fastenal had a net margin of 14.77% and a return on equity of 32.03%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm earned $0.34 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities analysts predict that Fastenal will post 1.38 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.44%. Fastenal’s payout ratio is 66.67%.

A number of brokerages have weighed in on FAST. BidaskClub lowered Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday. Raymond James lowered Fastenal from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 14th. Buckingham Research lifted their price objective on Fastenal from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Zacks Investment Research lowered Fastenal from a “hold” rating to a “sell” rating and set a $38.00 price objective on the stock. in a report on Monday, October 14th. Finally, Cleveland Research reaffirmed a “hold” rating on shares of Fastenal in a report on Tuesday, September 24th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $34.55.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Further Reading: Oversold

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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