Kentucky Retirement Systems Decreases Stock Holdings in Fastenal (NASDAQ:FAST)

Kentucky Retirement Systems lowered its stake in Fastenal (NASDAQ:FAST) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,145 shares of the company’s stock after selling 312 shares during the quarter. Kentucky Retirement Systems’ holdings in Fastenal were worth $2,711,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Seven Eight Capital LP bought a new stake in shares of Fastenal during the 2nd quarter valued at about $679,000. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Fastenal by 27.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 76,415 shares of the company’s stock worth $4,785,000 after purchasing an additional 16,449 shares during the period. Tredje AP fonden boosted its holdings in shares of Fastenal by 273.9% in the second quarter. Tredje AP fonden now owns 271,419 shares of the company’s stock worth $17,056,000 after buying an additional 198,818 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in Fastenal by 15.9% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 20,916 shares of the company’s stock valued at $1,314,000 after buying an additional 2,872 shares during the period. Finally, Virtu Financial LLC increased its holdings in Fastenal by 96.6% during the second quarter. Virtu Financial LLC now owns 12,610 shares of the company’s stock valued at $792,000 after buying an additional 6,195 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $70.75 on Friday. The stock has a 50-day moving average price of $68.05 and a 200 day moving average price of $68.49. The stock has a market capitalization of $40.51 billion, a P/E ratio of 35.20, a P/E/G ratio of 3.78 and a beta of 1.01. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period last year, the firm posted $0.52 EPS. The company’s revenue was up 1.8% on a year-over-year basis. Equities research analysts forecast that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s payout ratio is currently 77.61%.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction dated 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 sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $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 Fastenal stock in a transaction on Wednesday, August 21st. The shares were 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 directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the company’s 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 in the company, valued at $19,929,734.24. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

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

About Fastenal

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.