New York State Teachers Retirement System Sells 12,770 Shares of Fastenal (NASDAQ:FAST)

Posted by Defense World Staff on Apr 12th, 2023

New York State Teachers Retirement System reduced its holdings in shares of Fastenal (NASDAQ:FAST – Get Rating) by 2.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 627,448 shares of the company’s stock after selling 12,770 shares during the quarter. New York State Teachers Retirement System owned 0.11% of Fastenal worth $29,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. State Street Corp lifted its stake in Fastenal by 2.3% during the 3rd quarter. State Street Corp now owns 27,997,011 shares of the company’s stock valued at $1,288,982,000 after acquiring an additional 617,123 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 8.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,227,656 shares of the company’s stock valued at $548,123,000 after purchasing an additional 681,328 shares during the last quarter. Northern Trust Corp lifted its position in Fastenal by 0.6% during the first quarter. Northern Trust Corp now owns 7,502,384 shares of the company’s stock valued at $445,642,000 after purchasing an additional 41,898 shares during the period. Baird Financial Group Inc. boosted its holdings in Fastenal by 2.2% in the third quarter. Baird Financial Group Inc. now owns 6,712,260 shares of the company’s stock worth $309,032,000 after purchasing an additional 143,378 shares during the last quarter. Finally, Invesco Ltd. grew its position in Fastenal by 1.3% in the 1st quarter. Invesco Ltd. now owns 6,220,010 shares of the company’s stock worth $369,467,000 after purchasing an additional 81,645 shares during the period. 76.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FAST. Loop Capital cut their price objective on Fastenal from $54.00 to $53.00 and set a “hold” rating for the company in a report on Monday, January 23rd. StockNews.com upgraded Fastenal from a “hold” rating to a “buy” rating in a research note on Saturday. Morgan Stanley increased their price objective on shares of Fastenal from $42.00 to $46.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 5th. Finally, Stifel Nicolaus started coverage on shares of Fastenal in a research report on Monday, April 3rd. They set a “buy” rating and a $61.00 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $52.88.

Insiders Place Their Bets

In other news, VP Terry Modock Owen sold 15,000 shares of Fastenal stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $53.24, for a total value of $798,600.00. Following the sale, the vice president now directly owns 7,000 shares of the company’s stock, valued at $372,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.45% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $52.66 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 3.96 and a debt-to-equity ratio of 0.11. Fastenal has a twelve month low of $43.73 and a twelve month high of $59.75. The business has a 50-day moving average price of $52.53 and a 200-day moving average price of $50.07. The firm has a market cap of $30.07 billion, a price-to-earnings ratio of 27.72, a price-to-earnings-growth ratio of 2.94 and a beta of 1.19.

Fastenal (NASDAQ:FAST – Get Rating) last posted its quarterly earnings results on Thursday, January 19th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.01. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. Fastenal had a return on equity of 34.38% and a net margin of 15.57%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 EPS. As a group, equities research analysts predict that Fastenal will post 1.95 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 2nd. Shareholders of record on Thursday, February 2nd were issued a $0.35 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.31. This represents a $1.40 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Wednesday, February 1st. Fastenal’s payout ratio is currently 73.68%.

About Fastenal

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Fastenal Co engages in the distribution of fasteners and tools. It also operates hardware stores. The company was founded by Robert A. Kierlin, Michael M. Gostomski, Henry K. McCannon, John D. Remick, and Stephen M. Slaggie in November 1967 and is headquartered in Winona, MN.