Peapack Gladstone Financial Corp Has $4.35 Million Position in Fastenal (NASDAQ:FAST)

Peapack Gladstone Financial Corp increased its holdings in Fastenal (NASDAQ:FAST) by 1.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,874 shares of the company’s stock after purchasing an additional 845 shares during the period. Peapack Gladstone Financial Corp’s holdings in Fastenal were worth $4,347,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new stake in shares of Fastenal in the 3rd quarter valued at $25,000. Knuff & Co LLC acquired a new position in Fastenal in the third quarter valued at about $27,000. Moisand Fitzgerald Tamayo LLC grew its stake in Fastenal by 1,019.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after buying an additional 428 shares during the last quarter. First Personal Financial Services acquired a new stake in shares of Fastenal during the third quarter worth approximately $36,000. Finally, Crewe Advisors LLC raised its stake in shares of Fastenal by 528.4% in the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after acquiring an additional 428 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 0.7 %

Shares of NASDAQ FAST opened at $78.47 on Friday. The company’s 50 day simple moving average is $79.47 and its 200 day simple moving average is $71.33. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. Fastenal has a fifty-two week low of $61.33 and a fifty-two week high of $84.88. The firm has a market capitalization of $44.95 billion, a P/E ratio of 39.04, a P/E/G ratio of 4.69 and a beta of 1.00.

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

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, October 25th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.99%. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Activity at Fastenal

In other news, CEO Daniel L. Florness sold 31,818 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $24,168,521. This trade represents a 10.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Anthony Paul Broersma sold 680 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The disclosure for this sale can be found here. Insiders have sold 158,289 shares of company stock worth $12,639,438 in the last ninety days. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FAST. Morgan Stanley raised their price target on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Stifel Nicolaus cut Fastenal from a “buy” rating to a “hold” rating and set a $86.00 price target for the company. in a report on Wednesday. Jefferies Financial Group increased their price objective on shares of Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. UBS Group began coverage on shares of Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 target price for the company. Finally, Hsbc Global Res lowered shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $77.40.

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.