Texas Permanent School Fund cut its position in shares of Fastenal (NASDAQ:FAST – Get Rating) by 5.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 74,654 shares of the company’s stock after selling 4,677 shares during the quarter. Texas Permanent School Fund’s holdings in Fastenal were worth $4,434,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FAST. GHP Investment Advisors Inc. acquired a new position in shares of Fastenal in the first quarter worth $31,000. O Dell Group LLC acquired a new position in shares of Fastenal in the first quarter worth $32,000. Cornerstone Advisory LLC acquired a new position in shares of Fastenal in the fourth quarter worth $38,000. Allworth Financial LP acquired a new position in shares of Fastenal in the first quarter worth $41,000. Finally, Allegheny Financial Group LTD acquired a new position in shares of Fastenal in the fourth quarter worth $43,000. 77.89% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on FAST. UBS Group cut their price target on Fastenal from $62.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 14th. Robert W. Baird cut Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 price target for the company. in a report on Thursday, July 14th. StockNews.com cut Fastenal from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Argus lowered their price objective on Fastenal from $66.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, July 15th. Finally, Morgan Stanley lowered their price objective on Fastenal from $48.00 to $42.00 and set an “underweight” rating for the company in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $53.86.
Insider Buying and Selling at Fastenal
Fastenal Price Performance
Shares of NASDAQ:FAST opened at $52.95 on Friday. The business has a fifty day simple moving average of $50.54 and a 200-day simple moving average of $53.46. Fastenal has a 52 week low of $45.68 and a 52 week high of $64.75. The company has a quick ratio of 1.75, a current ratio of 3.71 and a debt-to-equity ratio of 0.10. The company has a market cap of $30.43 billion, a P/E ratio of 29.58, a P/E/G ratio of 3.10 and a beta of 1.22.
Fastenal (NASDAQ:FAST – Get Rating) last posted its quarterly earnings results on Wednesday, July 13th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the business earned $0.42 earnings per share. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year. Equities research analysts forecast that Fastenal will post 1.88 EPS for the current year.
Fastenal Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Wednesday, July 27th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Tuesday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 69.27%.
Fastenal announced that its Board of Directors has initiated a stock buyback plan on Tuesday, July 12th that permits the company to buyback 8,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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