Public Employees Retirement System of Ohio Cuts Stake in Fastenal Company $FAST

Public Employees Retirement System of Ohio lessened its position in Fastenal Company (NASDAQ:FAST) by 11.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 423,576 shares of the company’s stock after selling 52,227 shares during the period. Public Employees Retirement System of Ohio’s holdings in Fastenal were worth $20,344,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FAST. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Fastenal in the 2nd quarter valued at approximately $26,000. Evergreen Advisors LLC acquired a new stake in shares of Fastenal in the 1st quarter valued at approximately $26,000. Palladiem LLC acquired a new stake in shares of Fastenal in the 4th quarter valued at approximately $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fastenal in the fourth quarter valued at approximately $25,000. Finally, MV Capital Management Inc. purchased a new stake in shares of Fastenal in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Fastenal stock opened at $49.78 on Friday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The firm’s 50-day simple moving average is $48.45 and its 200 day simple moving average is $46.50. The firm has a market capitalization of $57.12 billion, a PE ratio of 42.19, a P/E/G ratio of 3.11 and a beta of 0.72.

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

Fastenal Increases Dividend

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

Wall Street Analysts Forecast Growth

FAST has been the subject of several research analyst reports. Wolfe Research reiterated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Finally, Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $49.17.

Insiders Place Their Bets

In related news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction 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 owned 20,000 shares of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company’s stock, valued at $2,875,810. The trade was a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by corporate insiders.

Fastenal Profile

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.