Kentucky Retirement Systems Increases Stock Holdings in Fastenal Company $FAST

Kentucky Retirement Systems grew its stake in Fastenal Company (NASDAQ:FAST) by 87.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,354 shares of the company’s stock after purchasing an additional 34,274 shares during the period. Kentucky Retirement Systems’ holdings in Fastenal were worth $3,081,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FAST. Vanguard Group Inc. increased its stake in Fastenal by 103.5% in the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after buying an additional 75,852,223 shares during the period. State Street Corp boosted its holdings in shares of Fastenal by 99.6% in the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock valued at $2,281,330,000 after acquiring an additional 27,107,520 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Fastenal by 103.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after acquiring an additional 23,380,022 shares during the period. Geode Capital Management LLC raised its holdings in Fastenal by 103.8% during the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after purchasing an additional 18,329,847 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after purchasing an additional 16,308,254 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Up 0.6%

FAST opened at $42.01 on Monday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a market cap of $48.23 billion, a price-to-earnings ratio of 39.26, a PEG ratio of 3.36 and a beta of 0.89. The business’s fifty day moving average is $41.80 and its two-hundred day moving average is $44.42. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, October 14th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 earnings per share. Analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FAST shares. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Monday. Barclays dropped their price objective on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, November 13th. Sanford C. Bernstein began coverage on Fastenal in a research report on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 price objective for the company. Northcoast Research began coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a “neutral” rating on the stock. Finally, Wolfe Research upgraded shares of Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price target for the company in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus price target of $48.40.

Insider Activity at Fastenal

In other Fastenal news, Director Sarah N. Nielsen acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average cost of $39.60 per share, with a total value of $39,600.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at approximately $198,000. This trade represents a 25.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at approximately $495,800. The trade was a 11.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 3,000 shares of company stock worth $131,630 over the last quarter. Company insiders own 0.37% of the company’s stock.

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.