VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $54.79 Million Investment in Fastenal Company $FAST

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Fastenal Company (NASDAQ:FAST) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 1,140,834 shares of the company’s stock, valued at approximately $54,794,000.

Several other large investors have also recently made changes to their positions in FAST. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Fastenal in the 2nd quarter worth about $26,000. Evergreen Advisors LLC purchased a new stake in Fastenal during the first quarter worth about $26,000. Palladiem LLC purchased a new stake in Fastenal during the fourth quarter worth about $25,000. Elyxium Wealth LLC purchased a new stake in Fastenal during the fourth quarter worth about $25,000. Finally, MV Capital Management Inc. bought a new stake in Fastenal in the fourth quarter worth about $29,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rita Heise sold 34,964 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by company insiders.

Fastenal Price Performance

NASDAQ FAST opened at $49.60 on Monday. The company has a market cap of $56.92 billion, a PE ratio of 42.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.72. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The firm’s 50-day simple moving average is $48.71 and its two-hundred day simple moving average is $46.59.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the business earned $0.29 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. Research analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were issued a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is 88.14%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FAST shares. DA Davidson reiterated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research restated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Morgan Stanley lifted their price target on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $49.17.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.