Public Sector Pension Investment Board lessened its stake in Fastenal (NASDAQ:FAST) by 10.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 99,071 shares of the company’s stock after selling 11,720 shares during the quarter. Public Sector Pension Investment Board’s holdings in Fastenal were worth $3,661,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Madison Asset Management LLC bought a new stake in shares of Fastenal in the 4th quarter worth approximately $77,320,000. Mawer Investment Management Ltd. acquired a new position in shares of Fastenal in the 4th quarter valued at $39,486,000. Principal Financial Group Inc. lifted its stake in shares of Fastenal by 7.5% in the 4th quarter. Principal Financial Group Inc. now owns 8,883,541 shares of the company’s stock valued at $328,247,000 after purchasing an additional 621,353 shares during the period. State Street Corp lifted its stake in shares of Fastenal by 1.9% in the 3rd quarter. State Street Corp now owns 31,066,372 shares of the company’s stock valued at $1,014,938,000 after purchasing an additional 585,911 shares during the period. Finally, Kornitzer Capital Management Inc. KS lifted its stake in shares of Fastenal by 3,696.4% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 547,630 shares of the company’s stock valued at $20,235,000 after purchasing an additional 533,205 shares during the period. 82.13% of the stock is currently owned by institutional investors.
FAST has been the topic of several research analyst reports. Buckingham Research boosted their target price on shares of Fastenal from $33.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 21st. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and raised their target price for the company from $38.00 to $40.00 in a report on Friday, March 13th. BidaskClub raised Fastenal from a “hold” rating to a “buy” rating in a report on Tuesday, March 17th. ValuEngine raised Fastenal from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 18th. Finally, Wells Fargo & Co raised Fastenal from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Thursday, March 19th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $75.67.
FAST traded up $2.08 during trading on Thursday, hitting $32.31. The company’s stock had a trading volume of 7,101,788 shares, compared to its average volume of 8,406,170. The firm’s 50 day moving average price is $35.20 and its two-hundred day moving average price is $35.31. The company has a quick ratio of 2.00, a current ratio of 4.51 and a debt-to-equity ratio of 0.18. Fastenal has a 12 month low of $26.72 and a 12 month high of $39.31. The stock has a market capitalization of $18.02 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 1.60 and a beta of 1.23.
Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, January 17th. The company reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Fastenal had a return on equity of 31.16% and a net margin of 14.83%. The company’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.60 earnings per share. On average, sell-side analysts forecast that Fastenal will post 1.4 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, January 31st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, January 30th. This represents a $1.00 annualized dividend and a dividend yield of 3.10%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio (DPR) is currently 72.46%.
In other Fastenal news, CEO Daniel L. Florness sold 7,500 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $38.20, for a total value of $286,500.00. Following the completion of the sale, the chief executive officer now directly owns 207,190 shares of the company’s stock, valued at $7,914,658. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Darren R. Jackson purchased 18,000 shares of the stock in a transaction on Thursday, January 23rd. The stock was acquired at an average cost of $35.57 per share, with a total value of $640,260.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 18,945 shares of company stock worth $672,514. Insiders own 0.57% of the company’s stock.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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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