Pathstone Family Office LLC Trims Stock Position in Fastenal (NASDAQ:FAST)

Posted by Defense World Staff on Mar 14th, 2023

Pathstone Family Office LLC lowered its stake in shares of Fastenal (NASDAQ:FAST – Get Rating) by 6.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 16,378 shares of the company’s stock after selling 1,119 shares during the period. Pathstone Family Office LLC’s holdings in Fastenal were worth $754,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FAST. Old North State Trust LLC purchased a new position in shares of Fastenal during the 3rd quarter valued at about $31,000. Guardian Wealth Advisors LLC purchased a new position in shares of Fastenal during the 3rd quarter valued at about $42,000. Ellevest Inc. raised its stake in shares of Fastenal by 55.4% during the 3rd quarter. Ellevest Inc. now owns 1,270 shares of the company’s stock valued at $58,000 after buying an additional 453 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its stake in shares of Fastenal by 40.0% during the 3rd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,399 shares of the company’s stock valued at $64,000 after buying an additional 400 shares during the last quarter. Finally, Allworth Financial LP increased its stake in shares of Fastenal by 66.4% in the 3rd quarter. Allworth Financial LP now owns 1,444 shares of the company’s stock valued at $66,000 after purchasing an additional 576 shares in the last quarter. Hedge funds and other institutional investors own 76.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FAST shares. Loop Capital cut their price target on Fastenal from $54.00 to $53.00 and set a “hold” rating for the company in a research note on Monday, January 23rd. Morgan Stanley cut their price target on Fastenal from $43.00 to $42.00 and set an “underweight” rating for the company in a research note on Friday, January 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.14.

Insider Transactions at Fastenal

In other news, VP Terry Modock Owen sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $53.24, for a total transaction of $798,600.00. Following the transaction, the vice president now directly owns 7,000 shares in the company, valued at approximately $372,680. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.45% of the company’s stock.

Fastenal Trading Up 0.3 %

FAST stock opened at $51.70 on Tuesday. The company has a current ratio of 3.96, a quick ratio of 1.79 and a debt-to-equity ratio of 0.11. Fastenal has a 12-month low of $43.73 and a 12-month high of $60.74. The stock has a market cap of $29.52 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 2.95 and a beta of 1.19. The business’s 50-day moving average is $50.92 and its 200 day moving average is $49.62.

Fastenal (NASDAQ:FAST – Get Rating) last posted its quarterly earnings data on Thursday, January 19th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.01. Fastenal had a return on equity of 34.38% and a net margin of 15.57%. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the firm posted $0.40 EPS. Fastenal’s revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Fastenal will post 1.94 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 2nd. Stockholders of record on Thursday, February 2nd were issued a dividend of $0.35 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.31. This represents a $1.40 annualized dividend and a dividend yield of 2.71%. The ex-dividend date was Wednesday, February 1st. Fastenal’s payout ratio is currently 73.68%.

Fastenal Profile

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Fastenal Co engages in the distribution of fasteners and tools. It also operates hardware stores. The company was founded by Robert A. Kierlin, Michael M. Gostomski, Henry K. McCannon, John D. Remick, and Stephen M. Slaggie in November 1967 and is headquartered in Winona, MN.