Webster Bank N. A. Sells 2,833 Shares of Fastenal (NASDAQ:FAST)

Webster Bank N. A. reduced its stake in shares of Fastenal (NASDAQ:FAST) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 119,379 shares of the company’s stock after selling 2,833 shares during the quarter. Fastenal comprises about 0.9% of Webster Bank N. A.’s portfolio, making the stock its 29th biggest position. Webster Bank N. A.’s holdings in Fastenal were worth $7,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Fastenal by 0.3% in the first quarter. BlackRock Inc. now owns 45,154,559 shares of the company’s stock valued at $2,435,637,000 after acquiring an additional 138,257 shares during the last quarter. Geode Capital Management LLC raised its holdings in Fastenal by 0.9% in the first quarter. Geode Capital Management LLC now owns 13,676,410 shares of the company’s stock worth $736,259,000 after purchasing an additional 117,040 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Fastenal by 10.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,989,837 shares of the company’s stock worth $567,359,000 after purchasing an additional 1,179,460 shares in the last quarter. Morgan Stanley increased its position in shares of Fastenal by 37.8% in the 4th quarter. Morgan Stanley now owns 9,092,207 shares of the company’s stock valued at $430,243,000 after buying an additional 2,492,722 shares in the last quarter. Finally, Baird Financial Group Inc. raised its stake in Fastenal by 22.9% during the 4th quarter. Baird Financial Group Inc. now owns 8,249,677 shares of the company’s stock worth $390,374,000 after buying an additional 1,537,417 shares during the period. 78.47% of the stock is owned by institutional investors.

Insider Transactions at Fastenal

In related news, Director Reyne K. Wisecup sold 19,564 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $56.78, for a total value of $1,110,843.92. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at $1,135,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Michael J. Ancius purchased 500 shares of Fastenal stock in a transaction dated Monday, July 17th. The shares were bought at an average cost of $57.53 per share, for a total transaction of $28,765.00. Following the completion of the acquisition, the director now owns 28,765 shares in the company, valued at approximately $1,654,850.45. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Reyne K. Wisecup sold 19,564 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $56.78, for a total value of $1,110,843.92. Following the sale, the director now owns 20,000 shares in the company, valued at $1,135,600. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FAST shares. Robert W. Baird raised their price target on Fastenal from $57.00 to $60.00 in a research report on Friday, July 14th. HSBC started coverage on shares of Fastenal in a research note on Friday. They set a “hold” rating and a $59.00 price target for the company. Stephens cut shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 price target for the company. in a research note on Thursday, July 13th. They noted that the move was a valuation call. Jefferies Financial Group raised their price target on shares of Fastenal from $50.00 to $60.00 in a research note on Friday, June 16th. Finally, StockNews.com initiated coverage on shares of Fastenal in a research note on Thursday, August 17th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $57.00.

Fastenal Stock Performance

Fastenal stock traded down $0.24 during mid-day trading on Tuesday, hitting $54.67. 1,172,086 shares of the company’s stock traded hands, compared to its average volume of 3,169,392. The firm has a 50 day simple moving average of $57.11 and a two-hundred day simple moving average of $55.33. Fastenal has a fifty-two week low of $43.73 and a fifty-two week high of $59.43. The stock has a market cap of $31.23 billion, a price-to-earnings ratio of 27.87, a P/E/G ratio of 3.09 and a beta of 1.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.26 and a quick ratio of 2.13.

Fastenal (NASDAQ:FAST) last posted its earnings results on Thursday, July 13th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 34.63% and a net margin of 15.52%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the business posted $0.50 EPS. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, research analysts expect that Fastenal will post 1.98 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, July 27th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date was Wednesday, July 26th. Fastenal’s dividend payout ratio is currently 71.07%.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.