Envestnet Portfolio Solutions Inc. reduced its stake in Fastenal (NASDAQ:FAST – Free Report) by 2.3% during the second quarter, according to the company’s most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,218 shares of the company after selling 616 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Fastenal were worth $1,648,000, according to the most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Baird Financial Group Inc. increased its holdings in shares of Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after buying an additional 1,043,529 shares during the same period. Norges Bank acquired a new position in Fastenal shares during the fourth quarter valued at around $405,513,000. Envestnet Asset Management Inc. increased its holdings in shares of Fastenal by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock valued at $310,931,000 after buying an additional 109,028 shares during the same period. TD Asset Management Inc. increased its stake in shares of Fastenal by 21.2% in the first quarter. TD Asset Management Inc. now owns 3,248,853 shares of the company’s stock valued at $250,617,000 after purchasing an additional 569,118 shares during the same period. Finally, Los Angeles Capital Management LLC increased its stake in shares of Fastenal by 46.2% in the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock valued at $245,757,000 after purchasing an additional 1,006,402 shares during the same period. 81.38% of the shares are currently owned by institutional investors and hedge funds.

Fastenal shares rise 1.2%

NASDAQ:FAST shares opened at $67.45 on Friday. The company has a market cap of $38.62 billion, a P/E ratio of 33.56, a PEG ratio of 3.65 and a beta of 1.01. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. Fastenal has a twelve-month low of $53.83 and a twelve-month high of $79.04. The company has a 50-day moving average of $65.80 and a 200-day moving average of $68.93.

Fastenal (NASDAQ:FAST – Free Report) last released its quarterly earnings results on Friday, July 12. The company reported earnings per share of $0.51 for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s revenue grew by 1.8% compared to the same quarter last year. In the same quarter last year, the company generated earnings per share of $0.52. On average, equities analysts forecast that Fastenal will report earnings per share of $2.05 for the current fiscal year.

Fastenal dividend announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, July 26th will receive a dividend of $0.39. The ex-dividend date is Friday, July 26th. This represents an annualized dividend of $1.56 and a dividend yield of 2.31%. Fastenal’s payout ratio is 77.61%.

Analysts set new price targets

FAST has been the subject of a number of research reports lately. Robert W. Baird lowered his price target on shares of Fastenal from $71.00 to $69.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 price target (previously $85.00) on Fastenal shares in a research note on Monday, July 15th. Stephens reiterated an “equal weight” rating and issued a $56.00 price target on Fastenal shares in a research note on Monday, July 15th. Finally, Jefferies Financial Group decreased their price target on shares of Fastenal from $74.00 to $65.00 and issued a “hold” rating for the company in a research note on Thursday, July 11. Six equities analysts have rated the stock with a hold rating and one has given a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $66.67.

Read our latest stock report on FAST

Insider activity

In other Fastenal news, Director Hsenghung Sam Hsu bought 500 shares of the company’s stock in a transaction dated Monday, June 10. The shares were acquired at an average price of $63.28 per share, for a total value of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fastenal news, Director Hsenghung Sam Hsu bought 500 shares of the company’s stock in a transaction dated Monday, June 10. The shares were acquired at an average price of $63.28 per share, for a total value of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP James C. Jansen sold 11,428 shares of Fastenal stock on Wednesday, May 29. The shares were sold at an average price of $64.07, for a total transaction of $732,191.96. Following the completion of the transaction, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The disclosure regarding this sale can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Company Profile

(Free report)

The Fastenal Company, together with its subsidiaries, is engaged 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 fastening products include threaded fasteners, bolts, nuts, screws, studs and related washers used in finished products and construction projects, as well as in the maintenance and repair of machinery.

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