Kentucky Retirement Systems Sells 49,532 Shares of Fastenal Company $FAST

Kentucky Retirement Systems lessened its stake in shares of Fastenal Company (NASDAQ:FAST) by 68.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,540 shares of the company’s stock after selling 49,532 shares during the quarter. Kentucky Retirement Systems’ holdings in Fastenal were worth $1,071,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Brighton Jones LLC bought a new stake in Fastenal in the 4th quarter worth approximately $496,000. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Fastenal during the 2nd quarter valued at $158,000. Jump Financial LLC bought a new position in shares of Fastenal during the 2nd quarter valued at $2,199,000. Finally, Cary Street Partners Financial LLC boosted its stake in shares of Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Shares of Fastenal stock opened at $47.71 on Friday. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The stock’s fifty day moving average is $46.31 and its 200 day moving average is $45.57. The stock has a market cap of $54.75 billion, a P/E ratio of 40.43, a P/E/G ratio of 2.92 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 earnings per share. Sell-side analysts anticipate that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Insider Buying and Selling at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.28% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on FAST shares. DA Davidson reaffirmed a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Weiss Ratings downgraded Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Bank of America raised their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. JPMorgan Chase & Co. boosted their price target on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, Morgan Stanley upped their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $48.83.

Fastenal Profile

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.