Provident Trust Co. Trims Stock Holdings in Fastenal (NASDAQ:FAST)

Provident Trust Co. decreased its holdings in Fastenal (NASDAQ:FAST) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,692,319 shares of the company’s stock after selling 27,105 shares during the period. Fastenal accounts for about 3.6% of Provident Trust Co.’s holdings, making the stock its 12th biggest position. Provident Trust Co.’s holdings in Fastenal were worth $174,382,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Exchange Traded Concepts LLC grew its stake in Fastenal by 29.0% during the third quarter. Exchange Traded Concepts LLC now owns 13,092 shares of the company’s stock valued at $715,000 after acquiring an additional 2,944 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in Fastenal by 10.1% during the third quarter. Koshinski Asset Management Inc. now owns 4,889 shares of the company’s stock valued at $267,000 after acquiring an additional 449 shares in the last quarter. Oak Thistle LLC grew its stake in Fastenal by 69.8% during the third quarter. Oak Thistle LLC now owns 11,356 shares of the company’s stock valued at $620,000 after acquiring an additional 4,668 shares in the last quarter. Czech National Bank grew its stake in Fastenal by 47.7% during the third quarter. Czech National Bank now owns 99,857 shares of the company’s stock valued at $5,456,000 after acquiring an additional 32,260 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in Fastenal by 2.6% during the third quarter. Handelsbanken Fonder AB now owns 273,477 shares of the company’s stock valued at $14,943,000 after acquiring an additional 6,873 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.0 %

Shares of FAST traded up $0.03 during mid-day trading on Friday, reaching $68.17. The company’s stock had a trading volume of 2,802,015 shares, compared to its average volume of 4,004,192. The stock has a market cap of $39.03 billion, a PE ratio of 33.75, a P/E/G ratio of 3.57 and a beta of 1.05. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. Fastenal has a 52 week low of $52.66 and a 52 week high of $79.04. The company’s fifty day moving average price is $73.41 and its two-hundred day moving average price is $66.73.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 earnings per share. On average, analysts predict that Fastenal will post 2.12 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be issued a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.29%. Fastenal’s payout ratio is 77.23%.

Analyst Ratings Changes

FAST has been the subject of several recent analyst reports. Loop Capital reduced their price objective on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Stifel Nicolaus lifted their target price on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, March 18th. HSBC lifted their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Finally, Robert W. Baird dropped their target price on shares of Fastenal from $77.00 to $71.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $67.67.

Insider Transactions at Fastenal

In other news, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was bought at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the acquisition, the director now directly owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jeffery Michael Watts sold 19,420 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $70.25, for a total transaction of $1,364,255.00. Following the completion of the sale, the insider now directly owns 5,940 shares in the company, valued at approximately $417,285. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were purchased at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the acquisition, the director now directly owns 10,595 shares in the company, valued at $724,486.10. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 36,082 shares of company stock worth $2,584,060. 0.41% of the stock is currently owned by 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.