State Treasurer State of Michigan boosted its stake in shares of Fastenal (NASDAQ:FAST) by 0.4% during the first quarter, Holdings Channel reports. The institutional investor owned 82,436 shares of the company’s stock after purchasing an additional 300 shares during the quarter. State Treasurer State of Michigan’s holdings in Fastenal were worth $5,301,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. DNB Asset Management AS lifted its stake in shares of Fastenal by 14.9% in the 4th quarter. DNB Asset Management AS now owns 53,980 shares of the company’s stock valued at $2,823,000 after purchasing an additional 7,012 shares during the last quarter. Trust Co. of Virginia VA lifted its stake in shares of Fastenal by 4.8% in the 4th quarter. Trust Co. of Virginia VA now owns 106,810 shares of the company’s stock valued at $5,585,000 after purchasing an additional 4,884 shares during the last quarter. Meristem Family Wealth LLC purchased a new stake in shares of Fastenal in the 1st quarter valued at $220,000. Green Square Capital LLC raised its holdings in shares of Fastenal by 9.1% in the 4th quarter. Green Square Capital LLC now owns 131,767 shares of the company’s stock valued at $6,890,000 after buying an additional 10,940 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Fastenal by 7.9% in the 4th quarter. Northern Trust Corp now owns 3,660,888 shares of the company’s stock valued at $191,427,000 after buying an additional 267,997 shares during the period. 85.94% of the stock is currently owned by institutional investors.
Shares of FAST stock traded up $0.21 on Friday, hitting $64.82. The stock had a trading volume of 43,608 shares, compared to its average volume of 2,338,103. The company has a current ratio of 4.31, a quick ratio of 1.97 and a debt-to-equity ratio of 0.20. Fastenal has a 1 year low of $47.37 and a 1 year high of $71.88. The company has a market capitalization of $18.42 billion, a PE ratio of 24.62, a P/E/G ratio of 1.41 and a beta of 1.20.
Fastenal shares are going to split on the morning of Wednesday, May 22nd. The 2-1 split was announced on Thursday, April 18th. The newly created shares will be payable to shareholders after the closing bell on Tuesday, May 21st.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.01. Fastenal had a return on equity of 33.52% and a net margin of 15.16%. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the business earned $0.61 EPS. Research analysts predict that Fastenal will post 2.84 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, April 24th will be issued a dividend of $0.43 per share. The ex-dividend date is Tuesday, April 23rd. This represents a $1.72 annualized dividend and a yield of 2.65%. Fastenal’s dividend payout ratio (DPR) is 65.40%.
In other Fastenal news, CEO Daniel L. Florness sold 20,000 shares of the company’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $70.75, for a total transaction of $1,415,000.00. Following the sale, the chief executive officer now owns 109,845 shares in the company, valued at approximately $7,771,533.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Sheryl Ann Lisowski sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $71.38, for a total value of $713,800.00. Following the sale, the chief accounting officer now owns 10,300 shares in the company, valued at approximately $735,214. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,970 shares of company stock worth $12,905,432. 0.56% of the stock is owned by company insiders.
Several equities research analysts recently issued reports on FAST shares. ValuEngine upgraded Fastenal from a “hold” rating to a “buy” rating in a report on Thursday, January 17th. Argus reiterated a “positive” rating on shares of Fastenal in a report on Friday, January 18th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Wednesday, January 23rd. BidaskClub upgraded Fastenal from a “buy” rating to a “strong-buy” rating in a report on Thursday, January 24th. Finally, Buckingham Research boosted their price objective on Fastenal from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Fastenal presently has a consensus rating of “Hold” and a consensus price target of $61.70.
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Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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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