Clifford Swan Investment Counsel LLC Cuts Stock Position in Fastenal Company $FAST

Clifford Swan Investment Counsel LLC lessened its holdings in Fastenal Company (NASDAQ:FAST) by 2.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 762,202 shares of the company’s stock after selling 18,820 shares during the quarter. Fastenal accounts for 1.2% of Clifford Swan Investment Counsel LLC’s investment portfolio, making the stock its 23rd largest position. Clifford Swan Investment Counsel LLC owned approximately 0.07% of Fastenal worth $36,609,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Elyxium Wealth LLC purchased a new stake in Fastenal during the fourth quarter worth about $25,000. Palladiem LLC purchased a new position in Fastenal in the fourth quarter valued at about $25,000. Evergreen Advisors LLC purchased a new position in Fastenal in the first quarter valued at about $26,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Fastenal during the 2nd quarter valued at approximately $26,000. Finally, MV Capital Management Inc. bought a new position in shares of Fastenal during the 4th quarter valued at approximately $29,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Down 0.9%

FAST opened at $49.31 on Tuesday. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The company has a market cap of $56.58 billion, a PE ratio of 41.79, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $48.52 and a 200 day moving average of $46.52.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. On average, sell-side analysts expect that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is presently 88.14%.

Insiders Place Their Bets

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FAST. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 26th. DA Davidson reissued a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Morgan Stanley boosted their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Finally, Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.