Fastenal (NASDAQ:FAST) Stake Lessened by Texas Permanent School Fund

Texas Permanent School Fund lowered its holdings in Fastenal (NASDAQ:FASTGet Rating) by 5.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,654 shares of the company’s stock after selling 4,677 shares during the period. Texas Permanent School Fund’s holdings in Fastenal were worth $4,434,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. National Asset Management Inc. purchased a new stake in shares of Fastenal during the fourth quarter worth $227,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Fastenal during the fourth quarter worth $3,232,000. CWM LLC purchased a new stake in shares of Fastenal during the fourth quarter worth $731,000. Nomura Asset Management Co. Ltd. raised its holdings in shares of Fastenal by 5.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 140,812 shares of the company’s stock worth $9,020,000 after acquiring an additional 7,204 shares in the last quarter. Finally, Pinnacle Associates Ltd. purchased a new stake in shares of Fastenal during the fourth quarter worth $218,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Fastenal Trading Up 1.3 %

Shares of NASDAQ:FAST opened at $52.95 on Friday. The company has a market cap of $30.43 billion, a P/E ratio of 29.58, a P/E/G ratio of 3.10 and a beta of 1.22. The stock’s 50-day moving average is $50.54 and its 200-day moving average is $53.46. Fastenal has a 52-week low of $45.68 and a 52-week high of $64.75. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.75 and a current ratio of 3.71.

Fastenal (NASDAQ:FASTGet Rating) last issued its quarterly earnings results on Wednesday, July 13th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.77 billion. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The firm’s revenue was up 18.0% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. Equities research analysts predict that Fastenal will post 1.88 earnings per share for the current year.

Fastenal announced that its board has authorized a stock buyback plan on Tuesday, July 12th that authorizes the company to repurchase 8,000,000 shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Wednesday, July 27th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Tuesday, July 26th. Fastenal’s dividend payout ratio is currently 69.27%.

Insider Activity

In other Fastenal news, EVP James C. Jansen purchased 1,000 shares of the stock in a transaction dated Wednesday, June 15th. The shares were bought at an average cost of $48.92 per share, with a total value of $48,920.00. Following the completion of the transaction, the executive vice president now owns 26,176 shares in the company, valued at approximately $1,280,529.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Michael J. Ancius bought 678 shares of Fastenal stock in a transaction that occurred on Wednesday, June 15th. The stock was acquired at an average price of $49.18 per share, for a total transaction of $33,344.04. Following the completion of the purchase, the director now owns 28,265 shares in the company, valued at $1,390,072.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James C. Jansen bought 1,000 shares of Fastenal stock in a transaction that occurred on Wednesday, June 15th. The stock was bought at an average price of $48.92 per share, with a total value of $48,920.00. Following the purchase, the executive vice president now owns 26,176 shares of the company’s stock, valued at approximately $1,280,529.92. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 3,736 shares of company stock valued at $182,599. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. UBS Group cut their price objective on Fastenal from $62.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 14th. Robert W. Baird downgraded shares of Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 target price on the stock. in a research report on Thursday, July 14th. Morgan Stanley lowered their target price on shares of Fastenal from $48.00 to $42.00 and set an “underweight” rating on the stock in a research report on Thursday, July 14th. Argus lowered their target price on shares of Fastenal from $66.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, July 15th. Finally, StockNews.com downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and a consensus price target of $53.86.

Fastenal Company Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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