Teachers Retirement System of The State of Kentucky lessened its stake in Fastenal (NASDAQ:FAST – Get Rating) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,610 shares of the company’s stock after selling 1,767 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Fastenal were worth $2,412,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp grew its stake in Fastenal by 10.9% in the 1st quarter. Van ECK Associates Corp now owns 74,871 shares of the company’s stock worth $4,447,000 after buying an additional 7,340 shares in the last quarter. Ferguson Wellman Capital Management Inc. lifted its holdings in shares of Fastenal by 77.5% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 49,467 shares of the company’s stock worth $2,938,000 after acquiring an additional 21,600 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Fastenal by 2.3% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 334,661 shares of the company’s stock worth $19,879,000 after acquiring an additional 7,678 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Fastenal by 6.7% in the 1st quarter. Raymond James & Associates now owns 831,858 shares of the company’s stock worth $49,412,000 after acquiring an additional 52,070 shares during the last quarter. Finally, Regentatlantic Capital LLC lifted its holdings in shares of Fastenal by 12.2% in the 1st quarter. Regentatlantic Capital LLC now owns 7,201 shares of the company’s stock worth $428,000 after acquiring an additional 783 shares during the last quarter. Hedge funds and other institutional investors own 78.18% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on FAST. Robert W. Baird lowered shares of Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 price objective for the company. in a report on Thursday, July 14th. Morgan Stanley lowered their price objective on shares of Fastenal from $48.00 to $42.00 and set an “underweight” rating for the company in a report on Thursday, July 14th. UBS Group lowered their price objective on shares of Fastenal from $62.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 14th. StockNews.com lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Tuesday, September 13th. Finally, Argus lowered their price target on shares of Fastenal from $66.00 to $55.00 and set a “buy” rating for the company in a report on Friday, July 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $52.00.
Fastenal Trading Down 1.4 %
Fastenal (NASDAQ:FAST – Get Rating) last issued its quarterly earnings data on Wednesday, July 13th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.77 billion. Fastenal had a net margin of 15.70% and a return on equity of 33.47%. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 EPS. On average, research analysts predict that Fastenal will post 1.86 earnings per share for the current year.
Fastenal Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Shareholders of record on Wednesday, July 27th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Tuesday, July 26th. Fastenal’s payout ratio is currently 69.27%.
Fastenal announced that its board has authorized a share buyback program on Tuesday, July 12th that allows the company to repurchase 8,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling at Fastenal
In related news, CAO Sheryl Ann Lisowski acquired 1,058 shares of Fastenal stock in a transaction on Thursday, July 14th. The shares were acquired at an average cost of $46.63 per share, with a total value of $49,334.54. Following the transaction, the chief accounting officer now owns 5,096 shares in the company, valued at $237,626.48. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fastenal news, CEO Daniel L. Florness bought 4,000 shares of Fastenal stock in a transaction dated Wednesday, September 14th. The shares were purchased at an average cost of $48.00 per share, with a total value of $192,000.00. Following the transaction, the chief executive officer now directly owns 281,929 shares of the company’s stock, valued at $13,532,592. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Sheryl Ann Lisowski bought 1,058 shares of Fastenal stock in a transaction dated Thursday, July 14th. The stock was acquired at an average cost of $46.63 per share, for a total transaction of $49,334.54. Following the completion of the transaction, the chief accounting officer now directly owns 5,096 shares in the company, valued at $237,626.48. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 6,058 shares of company stock valued at $289,435. 0.40% of the stock is currently owned by company insiders.
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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
- Get a free copy of the StockNews.com research report on Fastenal (FAST)
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