Cullinan Associates Inc. Boosts Holdings in Fastenal (NASDAQ:FAST)

Cullinan Associates Inc. grew its position in shares of Fastenal (NASDAQ:FAST) by 3.5% in the third quarter, Holdings Channel reports. The firm owned 54,546 shares of the company’s stock after purchasing an additional 1,861 shares during the period. Cullinan Associates Inc.’s holdings in Fastenal were worth $4,226,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Aaron Wealth Advisors LLC purchased a new position in Fastenal during the third quarter worth about $310,000. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Fastenal by 98.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock worth $9,126,000 after purchasing an additional 58,726 shares in the last quarter. Empowered Funds LLC increased its position in shares of Fastenal by 205.4% in the first quarter. Empowered Funds LLC now owns 27,181 shares of the company’s stock worth $2,097,000 after purchasing an additional 18,281 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Fastenal by 499.7% in the first quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock worth $10,186,000 after purchasing an additional 110,027 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in Fastenal by 7.2% in the first quarter. Nordea Investment Management AB now owns 1,371,825 shares of the company’s stock valued at $106,316,000 after purchasing an additional 91,754 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.1 %

Fastenal stock traded up $0.07 during trading hours on Friday, reaching $75.69. The company had a trading volume of 170,575 shares, compared to its average volume of 3,339,647. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 12-month low of $57.01 and a 12-month high of $79.04. The company has a 50-day moving average price of $70.56 and a 200 day moving average price of $67.99. The firm has a market cap of $43.34 billion, a price-to-earnings ratio of 37.62, a P/E/G ratio of 4.13 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 earnings per share. Equities analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.06%. Fastenal’s dividend payout ratio is currently 77.61%.

Analysts Set New Price Targets

A number of brokerages have recently commented on FAST. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 target price (up previously from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Morgan Stanley lifted their price target on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Bank of America started coverage on Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Finally, Stephens upped their target price on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $73.33.

Insider Transactions at Fastenal

In related news, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the transaction, the insider now owns 5,997 shares in the company, valued at $465,667.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the transaction, the insider now owns 5,997 shares in the company, valued at $465,667.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 179,373 shares of company stock worth $13,029,308. Company insiders own 0.41% 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.