Connecticut Wealth Management LLC Acquires 5,186 Shares of Fastenal (NASDAQ:FAST)

Connecticut Wealth Management LLC grew its holdings in Fastenal (NASDAQ:FAST) by 46.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,348 shares of the company’s stock after acquiring an additional 5,186 shares during the period. Connecticut Wealth Management LLC’s holdings in Fastenal were worth $1,059,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Hartford Financial Management Inc. raised its position in shares of Fastenal by 46.9% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock valued at $31,000 after purchasing an additional 153 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastenal during the 4th quarter worth $35,000. Criterion Capital Advisors LLC acquired a new position in Fastenal during the 4th quarter worth $43,000. First Horizon Advisors Inc. boosted its holdings in Fastenal by 283.2% during the fourth quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock valued at $49,000 after acquiring an additional 558 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Fastenal by 77.7% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,084 shares of the company’s stock worth $70,000 after purchasing an additional 474 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST traded up $0.34 during midday trading on Friday, reaching $68.43. 2,592,954 shares of the company’s stock were exchanged, compared to its average volume of 4,096,502. The firm has a market capitalization of $39.18 billion, a PE ratio of 33.88, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. The company’s 50 day simple moving average is $73.13 and its two-hundred day simple moving average is $67.18. Fastenal has a 12 month low of $52.85 and a 12 month high of $79.04. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts expect that Fastenal will post 2.12 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Wednesday, April 24th. Fastenal’s dividend payout ratio (DPR) is 77.23%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FAST shares. Robert W. Baird lowered their target price on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Loop Capital dropped their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. HSBC increased their price target on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Finally, Stifel Nicolaus boosted their price target on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $67.67.

Insiders Place Their Bets

In related news, VP Charles S. Miller sold 11,076 shares of Fastenal stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $75.16, for a total transaction of $832,472.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Anthony Paul Broersma sold 5,586 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total transaction of $387,333.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Charles S. Miller sold 11,076 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $75.16, for a total value of $832,472.16. The disclosure for this sale can be found here. Insiders sold 36,082 shares of company stock worth $2,584,060 over the last three months. 0.41% of the stock is currently owned by corporate insiders.

Fastenal Company Profile

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.