Essex Financial Services Inc. Has $627,000 Position in Fastenal (NASDAQ:FAST)

Essex Financial Services Inc. lessened its position in Fastenal (NASDAQ:FAST) by 2.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,723 shares of the company’s stock after selling 180 shares during the period. Essex Financial Services Inc.’s holdings in Fastenal were worth $627,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. King Luther Capital Management Corp boosted its position in Fastenal by 1.6% in the third quarter. King Luther Capital Management Corp now owns 8,664 shares of the company’s stock valued at $619,000 after buying an additional 136 shares in the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Fastenal by 1.9% in the 3rd quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock worth $545,000 after acquiring an additional 142 shares in the last quarter. HB Wealth Management LLC grew its position in Fastenal by 1.2% during the 4th quarter. HB Wealth Management LLC now owns 11,674 shares of the company’s stock worth $840,000 after acquiring an additional 142 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock worth $186,000 after acquiring an additional 143 shares during the last quarter. Finally, Compass Ion Advisors LLC increased its holdings in Fastenal by 1.5% during the 3rd quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock valued at $709,000 after purchasing an additional 146 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Jefferies Financial Group boosted their price objective on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Wolfe Research increased their price objective on shares of Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Stifel Nicolaus lowered their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. HSBC lowered shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price on the stock. in a research report on Wednesday, December 11th. Finally, UBS Group began coverage on shares of Fastenal in a report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target for the company. Two research 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $76.91.

Fastenal Price Performance

FAST stock opened at $73.68 on Thursday. The stock has a market cap of $42.21 billion, a PE ratio of 36.66, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02. The stock has a 50-day moving average price of $75.09 and a two-hundred day moving average price of $74.04. Fastenal has a 1 year low of $61.36 and a 1 year high of $84.88. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the business posted $0.46 EPS. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities analysts forecast that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Friday, January 31st. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s payout ratio is currently 85.57%.

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.