OVERSEA CHINESE BANKING Corp Ltd Trims Stock Position in Fastenal (NASDAQ:FAST)

OVERSEA CHINESE BANKING Corp Ltd trimmed its holdings in Fastenal (NASDAQ:FAST) by 45.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,562 shares of the company’s stock after selling 3,758 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Fastenal were worth $326,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FAST. First National Trust Co purchased a new stake in shares of Fastenal in the third quarter worth about $211,000. Harbour Investments Inc. lifted its holdings in Fastenal by 9.7% in the third quarter. Harbour Investments Inc. now owns 13,980 shares of the company’s stock valued at $998,000 after acquiring an additional 1,231 shares during the period. Versor Investments LP acquired a new position in Fastenal in the third quarter valued at approximately $921,000. Venturi Wealth Management LLC boosted its position in Fastenal by 2.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 15,544 shares of the company’s stock worth $1,110,000 after purchasing an additional 306 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC acquired a new stake in shares of Fastenal during the 3rd quarter worth approximately $655,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of the business’s 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 transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,929,734.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Daniel L. Florness sold 31,818 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $24,168,521. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 222,079 shares of company stock worth $16,563,600. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FAST. UBS Group began coverage on shares of Fastenal in a report on Wednesday. They set a “neutral” rating and a $88.00 price target on the stock. Stephens increased their target price on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Morgan Stanley increased their price target on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Robert W. Baird boosted their price objective on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report 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. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average target price of $74.80.

Fastenal Price Performance

Shares of Fastenal stock opened at $83.62 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The business has a 50 day simple moving average of $73.94 and a two-hundred day simple moving average of $68.93. The stock has a market capitalization of $47.91 billion, a P/E ratio of 41.60, a PEG ratio of 4.89 and a beta of 0.99. Fastenal has a 12 month low of $59.47 and a 12 month high of $84.88.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the prior year, the company earned $0.52 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. As a group, analysts predict that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be given 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 yield of 1.87%. Fastenal’s payout ratio is presently 77.61%.

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.