Public Employees Retirement Association of Colorado Sells 1,577 Shares of Fastenal (NASDAQ:FAST)

Public Employees Retirement Association of Colorado decreased its holdings in Fastenal (NASDAQ:FAST) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,279 shares of the company’s stock after selling 1,577 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Fastenal were worth $3,725,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in FAST. Benjamin F. Edwards & Company Inc. lifted its holdings in Fastenal by 0.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 496,758 shares of the company’s stock valued at $31,216,000 after buying an additional 1,582 shares in the last quarter. Ieq Capital LLC increased its position in shares of Fastenal by 3.5% during the second quarter. Ieq Capital LLC now owns 34,415 shares of the company’s stock worth $2,163,000 after acquiring an additional 1,155 shares during the period. Brighton Jones LLC raised its stake in shares of Fastenal by 20.9% during the second quarter. Brighton Jones LLC now owns 3,543 shares of the company’s stock valued at $223,000 after acquiring an additional 612 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Fastenal by 117.1% in the second quarter. Intech Investment Management LLC now owns 749,812 shares of the company’s stock valued at $47,118,000 after purchasing an additional 404,502 shares during the period. Finally, MQS Management LLC boosted its holdings in shares of Fastenal by 83.7% in the second quarter. MQS Management LLC now owns 8,100 shares of the company’s stock valued at $509,000 after purchasing an additional 3,690 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FAST. Morgan Stanley started coverage on Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target on the stock. Jefferies Financial Group cut their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.43.

Fastenal Stock Down 0.9 %

NASDAQ:FAST opened at $70.75 on Monday. The company’s 50-day simple moving average is $68.05 and its 200-day simple moving average is $68.41. 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 fifty-two week low of $53.83 and a fifty-two week high of $79.04. 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 (NASDAQ:FAST) last announced its earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. Fastenal’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. On average, equities analysts anticipate 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. Investors of record on Friday, July 26th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.20%. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The disclosure for this sale 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.