Twin Capital Management Inc. Has $2.56 Million Stock Holdings in Fastenal (NASDAQ:FAST)

Twin Capital Management Inc. cut its holdings in Fastenal (NASDAQ:FAST) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 39,577 shares of the company’s stock after selling 863 shares during the quarter. Twin Capital Management Inc.’s holdings in Fastenal were worth $2,563,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Fastenal in the fourth quarter worth about $268,570,000. Morgan Stanley increased its position in Fastenal by 37.8% in the fourth quarter. Morgan Stanley now owns 9,092,207 shares of the company’s stock worth $430,243,000 after purchasing an additional 2,492,722 shares during the period. Envestnet Asset Management Inc. increased its position in Fastenal by 47.3% in the third quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock worth $256,344,000 after purchasing an additional 1,505,936 shares during the period. Invesco Ltd. increased its position in Fastenal by 16.5% in the third quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock worth $368,563,000 after purchasing an additional 957,091 shares during the period. Finally, Select Equity Group L.P. increased its position in Fastenal by 60.2% in the first quarter. Select Equity Group L.P. now owns 2,481,822 shares of the company’s stock worth $133,869,000 after purchasing an additional 933,068 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FAST. Loop Capital lowered their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday. HSBC lifted their price objective on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research report on Monday. Stifel Nicolaus boosted their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Robert W. Baird decreased their target price on Fastenal from $77.00 to $71.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $67.67.

Fastenal Trading Down 1.1 %

Shares of Fastenal stock traded down $0.78 during trading on Thursday, hitting $67.70. 1,267,996 shares of the company were exchanged, compared to its average volume of 4,036,212. The firm has a market capitalization of $38.74 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 3.59 and a beta of 1.05. Fastenal has a 1-year low of $52.28 and a 1-year high of $79.04. The firm’s fifty day moving average price is $73.70 and its 200 day moving average price is $66.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter last year, the firm earned $0.52 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, sell-side analysts expect that Fastenal will post 2.13 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Wednesday, April 24th. Fastenal’s dividend payout ratio (DPR) is presently 77.23%.

Insider Activity

In other news, VP Charles S. Miller sold 23,590 shares of Fastenal stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $69.25, for a total transaction of $1,633,607.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Fastenal news, VP Charles S. Miller sold 23,590 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $69.25, for a total value of $1,633,607.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Anthony Paul Broersma sold 5,586 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $69.34, for a total value of $387,333.24. The disclosure for this sale can be found here. Insiders have sold 105,682 shares of company stock worth $7,375,853 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Fastenal 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.