Integrated Investment Consultants LLC Cuts Position in Fastenal (NASDAQ:FAST)

Posted by Defense World Staff on Mar 16th, 2023

Integrated Investment Consultants LLC lessened its position in shares of Fastenal (NASDAQ:FAST – Get Rating) by 6.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,681 shares of the company’s stock after selling 423 shares during the quarter. Integrated Investment Consultants LLC’s holdings in Fastenal were worth $308,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FAST. Lido Advisors LLC raised its position in Fastenal by 6.1% during the 3rd quarter. Lido Advisors LLC now owns 18,841 shares of the company’s stock valued at $867,000 after purchasing an additional 1,084 shares in the last quarter. Jump Financial LLC boosted its stake in shares of Fastenal by 1,087.2% in the third quarter. Jump Financial LLC now owns 52,593 shares of the company’s stock worth $2,422,000 after buying an additional 48,163 shares during the last quarter. Pictet Asset Management SA boosted its stake in shares of Fastenal by 4.6% in the third quarter. Pictet Asset Management SA now owns 644,506 shares of the company’s stock worth $29,673,000 after buying an additional 28,582 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Fastenal by 45.2% in the second quarter. O Shaughnessy Asset Management LLC now owns 45,660 shares of the company’s stock worth $2,279,000 after buying an additional 14,203 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of Fastenal by 2.7% in the third quarter. Advisors Asset Management Inc. now owns 100,347 shares of the company’s stock worth $4,620,000 after buying an additional 2,683 shares during the last quarter. Hedge funds and other institutional investors own 76.99% of the company’s stock.

Insider Transactions at Fastenal

In other Fastenal news, VP Terry Modock Owen sold 15,000 shares of the firm’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $53.24, for a total value of $798,600.00. Following the sale, the vice president now directly owns 7,000 shares in the company, valued at $372,680. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FAST. StockNews.com began coverage on Fastenal in a report on Thursday. They issued a “hold” rating for the company. Loop Capital reduced their price target on Fastenal from $54.00 to $53.00 and set a “hold” rating for the company in a report on Monday, January 23rd. Finally, Morgan Stanley reduced their price target on Fastenal from $43.00 to $42.00 and set an “underweight” rating for the company in a report on Friday, January 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $51.14.

Fastenal Price Performance

FAST stock opened at $51.56 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.96 and a quick ratio of 1.79. The business has a 50 day simple moving average of $51.09 and a 200-day simple moving average of $49.65. The firm has a market capitalization of $29.44 billion, a PE ratio of 27.14, a price-to-earnings-growth ratio of 2.95 and a beta of 1.19. Fastenal has a 1 year low of $43.73 and a 1 year high of $60.74.

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

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 2nd. Stockholders of record on Thursday, February 2nd were given a dividend of $0.35 per share. This is a positive change from Fastenal’s previous quarterly dividend of $0.31. This represents a $1.40 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Wednesday, February 1st. Fastenal’s dividend payout ratio (DPR) is currently 73.68%.

About Fastenal

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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.