Railway Pension Investments Ltd Cuts Stock Position in Fastenal Company $FAST

Railway Pension Investments Ltd trimmed its position in shares of Fastenal Company (NASDAQ:FAST) by 1.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,656,050 shares of the company’s stock after selling 30,700 shares during the quarter. Railway Pension Investments Ltd owned 0.14% of Fastenal worth $79,540,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FAST. BlackRock Inc. acquired a new position in shares of Fastenal in the second quarter valued at approximately $5,105,454,000. State Street Corp lifted its holdings in Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after buying an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after buying an additional 919,158 shares during the period. Geode Capital Management LLC grew its stake in shares of Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock worth $1,508,216,000 after acquiring an additional 685,047 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $49.31 on Tuesday. The company has a market cap of $56.58 billion, a P/E ratio of 41.79, a PEG ratio of 3.11 and a beta of 0.72. The firm has a fifty day moving average price of $48.52 and a 200 day moving average price of $46.52. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. Sell-side analysts predict that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were given a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fastenal’s dividend payout ratio is 88.14%.

Analyst Ratings Changes

FAST has been the topic of several analyst reports. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research reissued an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Barclays reduced their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Finally, Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.17.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.