Elo Mutual Pension Insurance Co Trims Stock Position in Fastenal (NASDAQ:FAST)

Elo Mutual Pension Insurance Co decreased its holdings in shares of Fastenal (NASDAQ:FAST) by 6.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,053 shares of the company’s stock after selling 3,158 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Fastenal were worth $3,082,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Nomura Holdings Inc. purchased a new stake in Fastenal during the 4th quarter valued at $747,000. Focus Financial Network Inc. ADV bought a new stake in Fastenal during the 4th quarter valued at approximately $1,282,000. Clear Rock Advisors LLC bought a new position in shares of Fastenal during the fourth quarter worth $2,936,000. BI Asset Management Fondsmaeglerselskab A S grew its holdings in Fastenal by 98.6% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock valued at $9,126,000 after buying an additional 58,726 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Fastenal during the fourth quarter worth approximately $1,078,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 1.3 %

NASDAQ:FAST opened at $71.38 on Friday. The stock has a market cap of $40.87 billion, a price-to-earnings ratio of 35.51, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. The business’s 50-day simple moving average is $67.94 and its 200 day simple moving average is $68.52. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. Fastenal has a one year low of $53.83 and a one year high of $79.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) 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 company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the prior year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, sell-side analysts predict that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a $0.39 dividend. The ex-dividend date was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.19%. Fastenal’s dividend payout ratio is 77.61%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

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

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.