California Public Employees Retirement System Cuts Stock Holdings in Fastenal (NASDAQ:FAST)

California Public Employees Retirement System lessened its position in Fastenal (NASDAQ:FAST) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,509,384 shares of the company’s stock after selling 54,829 shares during the quarter. California Public Employees Retirement System’s holdings in Fastenal were worth $227,303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hartford Financial Management Inc. increased its stake in Fastenal by 46.9% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock valued at $31,000 after purchasing an additional 153 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Fastenal during the fourth quarter worth about $35,000. Criterion Capital Advisors LLC purchased a new stake in shares of Fastenal in the 4th quarter valued at about $43,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Fastenal by 77.7% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,084 shares of the company’s stock valued at $70,000 after acquiring an additional 474 shares during the period. Finally, Pacific Center for Financial Services acquired a new stake in Fastenal during the 3rd quarter worth $66,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FAST shares. Stifel Nicolaus boosted their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Robert W. Baird reduced their target price on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. HSBC boosted their price objective on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Finally, Loop Capital decreased their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $67.67.

Fastenal Price Performance

FAST traded up $0.51 during midday trading on Tuesday, reaching $67.96. 618,561 shares of the company’s stock were exchanged, compared to its average volume of 4,003,356. The business has a 50-day simple moving average of $73.57 and a two-hundred day simple moving average of $66.55. Fastenal has a one year low of $52.28 and a one year high of $79.04. The firm has a market capitalization of $38.91 billion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 3.53 and a beta of 1.05. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, research analysts predict that Fastenal will post 2.13 EPS for the current year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a yield of 2.30%. Fastenal’s payout ratio is presently 77.23%.

Insider Buying and Selling at Fastenal

In related news, insider William Joseph Drazkowski sold 11,968 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the sale, the insider now owns 5,997 shares in the company, valued at $414,392.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fastenal news, EVP Anthony Paul Broersma sold 5,586 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total transaction of $387,333.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski sold 11,968 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $69.10, for a total value of $826,988.80. Following the sale, the insider now owns 5,997 shares in the company, valued at approximately $414,392.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,050 shares of company stock worth $3,411,049. Insiders own 0.41% of the company’s stock.

Fastenal Company 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.