California Public Employees Retirement System Has $249.55 Million Position in Fastenal (NASDAQ:FAST)

California Public Employees Retirement System lowered its stake in shares of Fastenal (NASDAQ:FASTGet Rating) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,201,187 shares of the company’s stock after selling 134,251 shares during the quarter. California Public Employees Retirement System owned about 0.73% of Fastenal worth $249,551,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Argus Investors Counsel Inc. grew its position in Fastenal by 10.1% during the first quarter. Argus Investors Counsel Inc. now owns 6,191 shares of the company’s stock worth $368,000 after buying an additional 569 shares in the last quarter. State of Michigan Retirement System boosted its holdings in shares of Fastenal by 3.4% in the 1st quarter. State of Michigan Retirement System now owns 270,578 shares of the company’s stock valued at $16,072,000 after purchasing an additional 8,998 shares in the last quarter. Crescent Grove Advisors LLC acquired a new stake in shares of Fastenal in the 1st quarter valued at $228,000. Emfo LLC boosted its holdings in shares of Fastenal by 95.5% in the 1st quarter. Emfo LLC now owns 2,047 shares of the company’s stock valued at $122,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Stephens Inc. AR boosted its holdings in shares of Fastenal by 0.7% in the 1st quarter. Stephens Inc. AR now owns 43,333 shares of the company’s stock valued at $2,574,000 after purchasing an additional 308 shares in the last quarter. Institutional investors and hedge funds own 77.89% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FAST. Argus reduced their target price on Fastenal from $66.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, July 15th. Morgan Stanley reduced their target price on Fastenal from $48.00 to $42.00 and set an “underweight” rating on the stock in a report on Thursday, July 14th. Robert W. Baird downgraded Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 target price on the stock. in a report on Thursday, July 14th. StockNews.com downgraded Fastenal from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Finally, UBS Group cut their price objective on Fastenal from $62.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, July 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.86.

Fastenal Trading Up 1.2 %

NASDAQ FAST opened at $48.28 on Thursday. The company has a quick ratio of 1.75, a current ratio of 3.71 and a debt-to-equity ratio of 0.10. Fastenal has a twelve month low of $45.68 and a twelve month high of $64.75. The company has a market cap of $27.75 billion, a price-to-earnings ratio of 26.97, a price-to-earnings-growth ratio of 2.82 and a beta of 1.27. The business’s fifty day moving average is $50.62 and its 200 day moving average is $53.86.

Fastenal (NASDAQ:FASTGet Rating) last issued its earnings results on Wednesday, July 13th. The company reported $0.50 EPS for the quarter, meeting analysts’ consensus estimates of $0.50. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the company posted $0.42 EPS. The firm’s revenue was up 18.0% compared to the same quarter last year. As a group, sell-side analysts expect that Fastenal will post 1.88 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Wednesday, July 27th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Tuesday, July 26th. Fastenal’s payout ratio is 69.27%.

Fastenal declared that its board has initiated a share repurchase plan on Tuesday, July 12th that authorizes the company to buyback 8,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Fastenal

In other news, Director Michael J. Ancius bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The stock was acquired at an average cost of $51.00 per share, with a total value of $51,000.00. Following the transaction, the director now directly owns 27,587 shares of the company’s stock, valued at approximately $1,406,937. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Michael J. Ancius purchased 678 shares of the business’s stock in a transaction 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 purchase, the director now owns 28,265 shares of the company’s stock, valued at $1,390,072.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael J. Ancius purchased 1,000 shares of the business’s stock in a transaction on Wednesday, May 11th. The shares were bought at an average price of $51.00 per share, with a total value of $51,000.00. Following the purchase, the director now directly owns 27,587 shares in the company, valued at approximately $1,406,937. The disclosure for this purchase can be found here. Insiders bought 3,971 shares of company stock valued at $195,441 in the last three months. Corporate insiders own 0.40% of the company’s stock.

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.

Further Reading

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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