HighTower Advisors LLC Sells 52,168 Shares of Fastenal Company (NASDAQ:FAST)

HighTower Advisors LLC reduced its position in shares of Fastenal Company (NASDAQ:FAST) by 17.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 240,887 shares of the company’s stock after selling 52,168 shares during the period. HighTower Advisors LLC’s holdings in Fastenal were worth $18,681,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares in the last quarter. Picton Mahoney Asset Management grew its stake in Fastenal by 7.5% in the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock valued at $14,074,000 after purchasing an additional 12,721 shares during the period. KLP Kapitalforvaltning AS grew its stake in Fastenal by 3.9% in the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock valued at $15,180,000 after purchasing an additional 7,400 shares during the period. Raiffeisen Bank International AG grew its stake in Fastenal by 21.5% in the 1st quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company’s stock valued at $2,712,000 after purchasing an additional 6,303 shares during the period. Finally, LPL Financial LLC grew its stake in Fastenal by 9.6% in the 1st quarter. LPL Financial LLC now owns 391,932 shares of the company’s stock valued at $30,394,000 after purchasing an additional 34,443 shares during the period. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Performance

NASDAQ FAST opened at $48.88 on Friday. The company’s 50 day moving average is $44.55 and its 200-day moving average is $40.88. Fastenal Company has a 12-month low of $32.04 and a 12-month high of $49.26. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The firm has a market cap of $56.10 billion, a P/E ratio of 47.00, a price-to-earnings-growth ratio of 4.43 and a beta of 0.95.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal’s dividend payout ratio is 84.62%.

Analyst Upgrades and Downgrades

Several analysts have commented on FAST shares. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Thursday, July 3rd. Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Fastenal from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 15th. Finally, Stephens lifted their price objective on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.36.

Insider Buying and Selling

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the company’s stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares of the company’s stock, valued at approximately $460,780.32. This represents a 67.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,388 shares of company stock valued at $4,955,363. Company insiders own 0.37% of the company’s stock.

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.