New York State Common Retirement Fund lowered its holdings in shares of Fastenal (NASDAQ:FAST) by 15.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,360,600 shares of the company’s stock after selling 249,200 shares during the quarter. New York State Common Retirement Fund owned 0.24% of Fastenal worth $50,274,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. raised its position in Fastenal by 114.3% during the 2nd quarter. BlackRock Inc. now owns 43,456,381 shares of the company’s stock valued at $1,416,246,000 after purchasing an additional 23,182,045 shares in the last quarter. State Street Corp raised its position in Fastenal by 1.9% during 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 in the last quarter. Principal Financial Group Inc. raised its position in Fastenal by 7.5% during 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 in the last quarter. Provident Trust Co. raised its position in Fastenal by 4.4% during the 4th quarter. Provident Trust Co. now owns 2,862,646 shares of the company’s stock valued at $105,775,000 after purchasing an additional 121,381 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in Fastenal by 1.2% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,233,993 shares of the company’s stock valued at $82,546,000 after purchasing an additional 27,504 shares in the last quarter. Institutional investors own 84.39% of the company’s stock.
A number of brokerages have weighed in on FAST. Jefferies Financial Group began coverage on Fastenal in a research report on Friday, November 22nd. They set a “buy” rating and a $377.00 target price for the company. Buckingham Research lifted their target price on Fastenal from $33.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, January 21st. Morgan Stanley lifted their target price on Fastenal from $31.00 to $34.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. Edward Jones lowered Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Finally, BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a research report on Thursday, February 6th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $74.11.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, January 17th. The company reported $0.31 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.29 billion. Fastenal had a return on equity of 31.16% and a net margin of 14.83%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 EPS. On average, research analysts expect that Fastenal will post 1.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.61%. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 30th. Fastenal’s payout ratio is presently 72.46%.
In related news, Director Darren R. Jackson purchased 18,000 shares of Fastenal stock in a transaction dated Thursday, January 23rd. The stock was purchased at an average cost of $35.57 per share, with a total value of $640,260.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael J. Ancius purchased 740 shares of Fastenal stock in a transaction dated Monday, January 27th. The stock was bought at an average cost of $34.94 per share, with a total value of $25,855.60. The disclosure for this purchase can be found here. Insiders own 0.62% of the company’s stock.
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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