Virginia Retirement Systems ET AL grew its holdings in shares of Fastenal (NASDAQ:FAST) by 22.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,500 shares of the company’s stock after buying an additional 19,200 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Fastenal were worth $6,179,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of FAST. Trust Department MB Financial Bank N A purchased a new position in Fastenal during the second quarter worth about $137,000. Delta Asset Management LLC TN boosted its holdings in Fastenal by 3,540.7% during the third quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock worth $182,000 after purchasing an additional 3,045 shares during the last quarter. Canton Hathaway LLC purchased a new position in Fastenal during the third quarter worth about $186,000. Twin Tree Management LP purchased a new position in Fastenal during the second quarter worth about $203,000. Finally, Stock Yards Bank & Trust Co. purchased a new position in Fastenal during the second quarter worth about $209,000. Hedge funds and other institutional investors own 86.30% of the company’s stock.
In related news, insider William Joseph Drazkowski acquired 830 shares of the stock in a transaction on Tuesday, October 23rd. The shares were acquired at an average price of $50.54 per share, with a total value of $41,948.20. Following the completion of the transaction, the insider now owns 2,790 shares in the company, valued at approximately $141,006.60. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Holden Lewis purchased 500 shares of the stock in a transaction dated Tuesday, October 16th. The stock was acquired at an average cost of $52.28 per share, for a total transaction of $26,140.00. Following the transaction, the chief financial officer now owns 3,500 shares of the company’s stock, valued at $182,980. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 5,795 shares of company stock worth $299,849. Insiders own 0.56% of the company’s stock.
Shares of FAST stock opened at $54.76 on Friday. The stock has a market capitalization of $15.70 billion, a price-to-earnings ratio of 28.37, a P/E/G ratio of 1.51 and a beta of 1.01. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35. Fastenal has a 52 week low of $46.91 and a 52 week high of $61.14.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 earnings per share. Research analysts predict that Fastenal will post 2.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Tuesday, October 23rd. Fastenal’s dividend payout ratio is 82.90%.
Several research firms recently weighed in on FAST. Stifel Nicolaus boosted their price target on shares of Fastenal from $53.00 to $56.00 and gave the stock a “hold” rating in a report on Friday, July 13th. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a report on Friday, July 20th. ValuEngine upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a report on Saturday, July 14th. Finally, Buckingham Research assumed coverage on shares of Fastenal in a report on Monday, October 22nd. They set a “neutral” rating and a $50.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $56.40.
Fastenal Company Profile
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.
Further Reading: Technical Analysis
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