Webster Bank N. A. Trims Stock Position in Fastenal (NASDAQ:FAST)

Webster Bank N. A. trimmed its position in Fastenal (NASDAQ:FAST) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 104,548 shares of the company’s stock after selling 2,521 shares during the quarter. Fastenal comprises 0.8% of Webster Bank N. A.’s investment portfolio, making the stock its 28th biggest position. Webster Bank N. A.’s holdings in Fastenal were worth $7,518,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FAST. Ashton Thomas Securities LLC acquired a new stake in shares of Fastenal during the third quarter valued at about $25,000. Knuff & Co LLC purchased a new position in shares of Fastenal during the third quarter worth $27,000. Moisand Fitzgerald Tamayo LLC grew its stake in shares of Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after buying an additional 428 shares in the last quarter. First Personal Financial Services acquired a new stake in shares of Fastenal in the third quarter valued at $36,000. Finally, CVA Family Office LLC raised its holdings in shares of Fastenal by 51.0% in the 3rd quarter. CVA Family Office LLC now owns 533 shares of the company’s stock valued at $38,000 after buying an additional 180 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of Fastenal stock opened at $75.53 on Monday. 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 has a 52 week low of $61.36 and a 52 week high of $84.88. The firm’s 50 day moving average is $77.18 and its two-hundred day moving average is $73.45. The firm has a market capitalization of $43.27 billion, a P/E ratio of 37.58, a P/E/G ratio of 3.60 and a beta of 1.02.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1,842,560.16 billion. During the same quarter in the prior year, the business earned $0.46 earnings per share. Fastenal’s revenue was up 3.7% compared to the same quarter last year. Research analysts forecast that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be given a $0.43 dividend. The ex-dividend date is Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.28%. Fastenal’s dividend payout ratio is 77.61%.

Insider Buying and Selling

In other news, Director Daniel L. Johnson sold 8,474 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total value of $706,392.64. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Charles S. Miller sold 23,480 shares of the firm’s 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. Insiders have sold 74,660 shares of company stock worth $6,211,126 in the last quarter. 0.41% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on FAST. Bank of America assumed coverage on Fastenal in a research report on Monday, October 7th. They issued a “buy” rating and a $85.00 target price for the company. Robert W. Baird upped their target price on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. HSBC cut shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target for the company. in a research report on Wednesday, December 11th. Morgan Stanley upped their price objective on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Stifel Nicolaus decreased their target price on Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus 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.