iA Global Asset Management Inc. Cuts Position in Fastenal (NASDAQ:FAST)

iA Global Asset Management Inc. trimmed its position in shares of Fastenal (NASDAQ:FAST - Free Report) by 46.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,797 shares of the company's stock after selling 73,691 shares during the period. iA Global Asset Management Inc.'s holdings in Fastenal were worth $6,128,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Fastenal in the third quarter valued at $25,000. Knuff & Co LLC acquired a new stake in Fastenal in the third quarter valued at $27,000. Triad Wealth Partners LLC acquired a new stake in Fastenal in the second quarter valued at $32,000. Crewe Advisors LLC grew its holdings in shares of Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company's stock worth $32,000 after purchasing an additional 428 shares during the last quarter. Finally, Moisand Fitzgerald Tamayo LLC grew its holdings in shares of Fastenal by 1,019.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company's stock worth $34,000 after buying an additional 428 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Bank of America assumed coverage on shares of Fastenal in a research report on Monday, October 7th. They set a "buy" rating and a $85.00 price target for the company. UBS Group began coverage on shares of Fastenal in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $88.00 target price for the company. Stifel Nicolaus reaffirmed a "buy" rating and issued a $86.00 target price (up from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Jefferies Financial Group boosted their price objective on shares of Fastenal from $74.00 to $85.00 and gave the company a "hold" rating in a research note on Friday. Finally, Stephens boosted their price objective on shares of Fastenal from $56.00 to $75.00 and gave the company an "equal weight" rating in a research note on Monday, October 14th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $76.80.

Check Out Our Latest Analysis on FAST

Fastenal Trading Down 0.9 %

Shares of FAST traded down $0.71 during trading hours on Friday, hitting $81.05. 2,581,957 shares of the stock traded hands, compared to its average volume of 2,261,016. Fastenal has a 1-year low of $61.33 and a 1-year high of $84.88. The business has a fifty day moving average of $78.63 and a 200-day moving average of $70.85. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $46.43 billion, a PE ratio of 40.32, a price-to-earnings-growth ratio of 4.81 and a beta of 1.00.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same period last year, the company earned $0.52 earnings per share. Fastenal's quarterly revenue was up 3.5% on a year-over-year basis. Analysts expect that Fastenal will post 2.03 EPS for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, October 25th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Friday, October 25th. Fastenal's dividend payout ratio (DPR) is currently 77.61%.

Insider Transactions at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now directly owns 286,018 shares of the company's stock, valued at approximately $19,929,734.24. The trade was a 14.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $76.32, for a total transaction of $37,244.16. The disclosure for this sale can be found here. Insiders sold a total of 208,289 shares of company stock valued at $16,123,438 over the last ninety days. 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.

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