New York State Teachers Retirement System Sells 28,342 Shares of Fastenal Company $FAST

New York State Teachers Retirement System cut its stake in Fastenal Company (NASDAQ:FAST) by 2.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 940,090 shares of the company’s stock after selling 28,342 shares during the quarter. New York State Teachers Retirement System’s holdings in Fastenal were worth $46,102,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in FAST. Riverview Trust Co boosted its stake in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares during the period. Hilltop National Bank bought a new stake in shares of Fastenal during the second quarter valued at about $27,000. Private Wealth Management Group LLC lifted its holdings in shares of Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of Fastenal in the second quarter valued at approximately $27,000. Finally, Armstrong Advisory Group Inc. grew its stake in Fastenal by 100.0% during the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective on the stock in a research report on Thursday, November 13th. Robert W. Baird dropped their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Finally, UBS Group upgraded Fastenal from a “hold” rating to a “buy” rating and boosted their target price for the stock from $45.00 to $52.00 in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.73.

Fastenal Stock Performance

Fastenal stock opened at $41.98 on Monday. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The stock has a market cap of $48.19 billion, a P/E ratio of 39.23, a price-to-earnings-growth ratio of 3.01 and a beta of 0.90. The firm’s fifty day moving average price is $41.01 and its 200-day moving average price is $44.40.

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

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.