Oppenheimer & Co. Inc. Has $2.86 Million Holdings in Fastenal (NASDAQ:FAST)

Oppenheimer & Co. Inc. decreased its stake in Fastenal (NASDAQ:FAST) by 1.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 39,995 shares of the company’s stock after selling 468 shares during the period. Oppenheimer & Co. Inc.’s holdings in Fastenal were worth $2,856,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc boosted its stake in Fastenal by 59.0% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 131,568 shares of the company’s stock worth $9,397,000 after acquiring an additional 48,804 shares during the last quarter. Haverford Trust Co raised its holdings in Fastenal by 20.5% in the third quarter. Haverford Trust Co now owns 18,340 shares of the company’s stock worth $1,310,000 after purchasing an additional 3,116 shares during the period. Commonwealth Retirement Investments LLC boosted its position in shares of Fastenal by 2.8% during the third quarter. Commonwealth Retirement Investments LLC now owns 22,235 shares of the company’s stock worth $1,588,000 after purchasing an additional 609 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Fastenal by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,416,628 shares of the company’s stock valued at $101,176,000 after buying an additional 17,997 shares during the period. Finally, First National Trust Co bought a new stake in shares of Fastenal in the 3rd quarter valued at $211,000. Institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on FAST. Robert W. Baird lifted their target price on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. UBS Group started coverage on Fastenal in a research note on Wednesday. They set a “neutral” rating and a $88.00 target price for the company. Bank of America assumed coverage on shares of Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, Morgan Stanley increased their price objective on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $74.80.

Insider Buying and Selling at Fastenal

In related news, Director Daniel L. Johnson sold 8,474 shares of Fastenal stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.36, for a total transaction of $706,392.64. Following the completion of the transaction, the director now owns 10,595 shares in the company, valued at approximately $883,199.20. This trade represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Lewis Soderberg sold 488 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The disclosure for this sale can be found here. Insiders sold a total of 254,033 shares of company stock worth $19,240,434 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $81.85 on Friday. Fastenal has a 12 month low of $59.47 and a 12 month high of $84.88. The company’s fifty day simple moving average is $74.64 and its 200-day simple moving average is $69.13. The firm has a market cap of $46.89 billion, a PE ratio of 40.72, a P/E/G ratio of 4.90 and a beta of 0.99. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same period in the previous year, the business earned $0.52 EPS. The company’s revenue was up 3.5% compared to the same quarter last year. Equities research analysts expect that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business 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 annualized dividend and a yield of 1.91%. Fastenal’s dividend payout ratio (DPR) 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.