OVERSEA CHINESE BANKING Corp Ltd Lowers Position in Fastenal (NASDAQ:FAST)

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Fastenal (NASDAQ:FAST) by 45.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,562 shares of the company’s stock after selling 3,758 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Fastenal were worth $326,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Fastenal during the third quarter valued at about $25,000. Central Valley Advisors LLC purchased a new position in shares of Fastenal during the 2nd quarter worth approximately $28,000. Moisand Fitzgerald Tamayo LLC increased its holdings in Fastenal by 1,019.0% in the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after purchasing an additional 428 shares during the last quarter. LRI Investments LLC purchased a new stake in Fastenal in the first quarter valued at approximately $39,000. Finally, First Personal Financial Services acquired a new position in Fastenal during the third quarter worth $36,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $86.00 price objective (up from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Bank of America started coverage on shares of Fastenal in a research note on Monday, October 7th. They set a “buy” rating and a $85.00 price target on the stock. Morgan Stanley raised their price objective on shares of 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 shares of Fastenal in a report on Wednesday. They issued a “neutral” rating and a $88.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.80.

Fastenal Trading Up 0.1 %

Shares of NASDAQ:FAST opened at $83.62 on Thursday. The company has a market cap of $47.91 billion, a PE ratio of 41.60, a P/E/G ratio of 4.89 and a beta of 0.99. The company’s 50 day moving average is $73.94 and its two-hundred day moving average is $68.93. Fastenal has a 52 week low of $59.47 and a 52 week high of $84.88. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted its 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 firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. Fastenal’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 earnings per share. Equities analysts predict that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm 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 dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fastenal news, CEO Daniel L. Florness sold 31,818 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $84.50, for a total value of $2,688,621.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at $24,168,521. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,079 shares of company stock valued at $16,563,600 over the last three months. 0.41% of the stock is owned by corporate insiders.

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.