Public Employees Retirement Association of Colorado Decreases Stock Position in Fastenal (NASDAQ:FAST)

Public Employees Retirement Association of Colorado cut its stake in Fastenal (NASDAQ:FAST) by 6.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,856 shares of the company’s stock after selling 4,434 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fastenal were worth $4,694,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FAST. Assenagon Asset Management S.A. boosted its holdings in Fastenal by 178.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 78,030 shares of the company’s stock valued at $5,054,000 after purchasing an additional 49,972 shares during the period. Global Retirement Partners LLC raised its stake in Fastenal by 5.5% in the fourth quarter. Global Retirement Partners LLC now owns 5,493 shares of the company’s stock valued at $350,000 after buying an additional 284 shares in the last quarter. State of Alaska Department of Revenue raised its stake in Fastenal by 2.1% in the fourth quarter. State of Alaska Department of Revenue now owns 113,550 shares of the company’s stock valued at $7,354,000 after buying an additional 2,335 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Fastenal by 2.3% in the fourth quarter. Pinnacle Associates Ltd. now owns 8,771 shares of the company’s stock valued at $568,000 after buying an additional 201 shares in the last quarter. Finally, ICICI Prudential Asset Management Co Ltd increased its position in shares of Fastenal by 9.1% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 5,545 shares of the company’s stock worth $359,000 after purchasing an additional 462 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

FAST traded up $0.37 during trading on Monday, reaching $70.74. The company’s stock had a trading volume of 1,023,904 shares, compared to its average volume of 3,693,283. Fastenal has a 52-week low of $53.83 and a 52-week high of $79.04. The company’s fifty day moving average price is $65.20 and its 200-day moving average price is $68.92. The company has a market capitalization of $40.51 billion, a price-to-earnings ratio of 35.01, a price-to-earnings-growth ratio of 3.79 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the previous year, the company earned $0.52 EPS. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts forecast that Fastenal will post 2.06 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Insider Transactions at Fastenal

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

Analyst Ratings Changes

A number of analysts have recently commented on the company. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 target price (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group cut their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Loop Capital cut their target price on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. HSBC raised their price target on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, April 15th. Finally, Robert W. Baird lowered their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $66.67.

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.