Renaissance Technologies LLC Buys Shares of 599,288 Fastenal (NASDAQ:FAST)

Renaissance Technologies LLC purchased a new position in Fastenal (NASDAQ:FAST) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 599,288 shares of the company’s stock, valued at approximately $37,659,000. Renaissance Technologies LLC owned 0.10% of Fastenal at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Central Valley Advisors LLC bought a new position in Fastenal in the 2nd quarter worth about $28,000. MCF Advisors LLC boosted its position 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 acquiring an additional 391 shares during the period. Triad Wealth Partners LLC purchased a new position in Fastenal during the second quarter valued at approximately $32,000. Crewe Advisors LLC increased its holdings in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after acquiring an additional 428 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Fastenal in the 2nd quarter worth approximately $35,000. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

FAST has been the subject of a number of recent analyst reports. Morgan Stanley initiated coverage on shares of Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target for the company. Stephens restated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group dropped their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $80.00 price objective (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average price target of $67.43.

Fastenal Trading Down 0.2 %

Shares of FAST stock opened at $70.47 on Thursday. The business has a 50-day moving average of $67.80 and a 200 day moving average of $68.50. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04. The stock has a market capitalization of $40.35 billion, a PE ratio of 35.06, a P/E/G ratio of 3.78 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the business posted $0.52 EPS. The business’s revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s payout ratio is currently 77.61%.

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.