State of Michigan Retirement System Sells 23,200 Shares of Fastenal (NASDAQ:FAST)

State of Michigan Retirement System trimmed its holdings in shares of Fastenal (NASDAQ:FAST) by 8.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,478 shares of the company’s stock after selling 23,200 shares during the quarter. State of Michigan Retirement System’s holdings in Fastenal were worth $19,090,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FAST. Hartford Financial Management Inc. lifted its holdings in Fastenal by 46.9% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock valued at $31,000 after buying an additional 153 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new position in Fastenal in the fourth quarter worth approximately $35,000. Criterion Capital Advisors LLC purchased a new position in Fastenal during the 4th quarter worth $43,000. Finally, First Horizon Advisors Inc. raised its position in Fastenal by 283.2% during the 4th quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock valued at $49,000 after purchasing an additional 558 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FAST shares. HSBC increased their price target on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research report on Monday, April 15th. Loop Capital cut their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Robert W. Baird reduced their price target on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. Finally, Stifel Nicolaus increased their price objective on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $68.80.

Fastenal Stock Performance

FAST opened at $62.76 on Wednesday. The firm has a 50 day moving average of $65.73 and a two-hundred day moving average of $68.64. The firm has a market capitalization of $35.93 billion, a PE ratio of 31.07, a P/E/G ratio of 3.36 and a beta of 1.01. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period last year, the business earned $0.52 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts anticipate that Fastenal will post 2.08 EPS for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, April 25th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Wednesday, April 24th. Fastenal’s dividend payout ratio is currently 77.23%.

Insider Buying and Selling at Fastenal

In other news, Director Daniel L. Johnson acquired 3,350 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was bought at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the acquisition, the director now owns 10,595 shares of the company’s stock, valued at $724,486.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Hsenghung Sam Hsu bought 500 shares of Fastenal stock in a transaction on Monday, June 10th. The stock was acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction dated Wednesday, April 17th. The stock was purchased at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the purchase, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by corporate insiders.

Fastenal Profile

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 that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.