State of Michigan Retirement System Has $19.09 Million Stake in Fastenal (NASDAQ:FAST)

State of Michigan Retirement System decreased its stake in Fastenal (NASDAQ:FAST) by 8.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 247,478 shares of the company’s stock after selling 23,200 shares during the quarter. State of Michigan Retirement System’s holdings in Fastenal were worth $19,090,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Van ECK Associates Corp grew its position in shares of Fastenal by 5.7% in the 4th quarter. Van ECK Associates Corp now owns 101,713 shares of the company’s stock valued at $6,588,000 after acquiring an additional 5,509 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Fastenal in the fourth quarter valued at approximately $747,000. Raymond James & Associates boosted its stake in shares of Fastenal by 3.7% during the 4th quarter. Raymond James & Associates now owns 900,171 shares of the company’s stock worth $58,304,000 after acquiring an additional 31,814 shares during the period. Focus Financial Network Inc. ADV bought a new stake in Fastenal in the 4th quarter valued at $1,282,000. Finally, ICW Investment Advisors LLC boosted its position in Fastenal by 2.0% during the fourth quarter. ICW Investment Advisors LLC now owns 36,090 shares of the company’s stock worth $2,338,000 after purchasing an additional 694 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Up 1.1 %

Shares of NASDAQ FAST opened at $62.76 on Wednesday. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The stock’s fifty day moving average is $65.73 and its 200 day moving average is $68.64. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. The stock has a market capitalization of $35.93 billion, a P/E ratio of 31.07, a PEG ratio of 3.36 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period last year, the company posted $0.52 EPS. The business’s revenue was up 1.9% on a year-over-year basis. Sell-side analysts forecast that Fastenal will post 2.08 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend was Wednesday, April 24th. Fastenal’s payout ratio is 77.23%.

Insider Transactions at Fastenal

In other Fastenal news, EVP James C. Jansen sold 11,428 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the completion of the transaction, the executive vice president now directly owns 26,176 shares in the company, valued at approximately $1,677,096.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Fastenal news, Director Hsenghung Sam Hsu purchased 500 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was purchased at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now owns 3,500 shares in the company, valued at approximately $221,480. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James C. Jansen sold 11,428 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the completion of the transaction, the executive vice president now directly owns 26,176 shares in the company, valued at $1,677,096.32. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird cut their target price on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. HSBC boosted their price objective on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, April 15th. Loop Capital decreased their target price on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Finally, Stifel Nicolaus lifted their price target on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.80.

Fastenal 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.