Fastenal (NASDAQ:FAST) Shares Sold by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC decreased its position in Fastenal (NASDAQ:FAST) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 466,505 shares of the company’s stock after selling 3,550 shares during the quarter. Fastenal accounts for approximately 1.2% of Clifford Swan Investment Counsel LLC’s holdings, making the stock its 19th largest position. Clifford Swan Investment Counsel LLC owned 0.08% of Fastenal worth $30,216,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Fastenal by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 13,830,951 shares of the company’s stock valued at $751,780,000 after purchasing an additional 423,112 shares during the last quarter. Morgan Stanley increased its position in Fastenal by 4.1% in the third quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock worth $468,957,000 after buying an additional 337,168 shares during the period. Northern Trust Corp lifted its stake in Fastenal by 5.9% in the third quarter. Northern Trust Corp now owns 7,444,498 shares of the company’s stock valued at $406,767,000 after buying an additional 413,572 shares during the last quarter. Invesco Ltd. lifted its stake in Fastenal by 16.5% in the third quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock valued at $368,563,000 after buying an additional 957,091 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Fastenal by 9.3% during the third quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after acquiring an additional 568,372 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Shares of Fastenal stock traded up $0.34 on Friday, hitting $68.43. The company had a trading volume of 2,592,954 shares, compared to its average volume of 4,096,502. Fastenal has a 52 week low of $52.85 and a 52 week high of $79.04. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49. The company has a market cap of $39.18 billion, a PE ratio of 33.88, a PEG ratio of 3.58 and a beta of 1.07. The business has a 50-day simple moving average of $73.13 and a 200-day simple moving average of $67.18.

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

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.28%. Fastenal’s payout ratio is currently 77.23%.

Insider Activity at Fastenal

In related news, Director Daniel L. Johnson acquired 3,350 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was bought at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the transaction, the director now owns 10,595 shares of the company’s stock, valued at $724,486.10. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fastenal news, Director Daniel L. Johnson bought 3,350 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the transaction, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Anthony Paul Broersma sold 5,586 shares of Fastenal stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $69.34, for a total value of $387,333.24. The disclosure for this sale can be found here. Insiders sold a total of 36,082 shares of company stock valued at $2,584,060 over the last ninety days. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FAST shares. Robert W. Baird cut their price objective on shares of Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Loop Capital cut their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Stifel Nicolaus increased their price objective on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, HSBC raised their target price on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $67.67.

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.