Kentucky Retirement Systems Insurance Trust Fund Decreases Stock Position in Fastenal (NASDAQ:FAST)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in shares of Fastenal (NASDAQ:FAST) by 8.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 16,955 shares of the company’s stock after selling 1,512 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Fastenal were worth $1,211,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC bought a new stake in Fastenal during the 3rd quarter valued at about $25,000. Central Valley Advisors LLC bought a new stake in shares of Fastenal during the second quarter valued at approximately $28,000. Triad Wealth Partners LLC purchased a new stake in shares of Fastenal in the second quarter valued at approximately $32,000. Crewe Advisors LLC grew its stake in Fastenal by 528.4% in the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC increased its holdings in Fastenal by 1,019.0% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after purchasing an additional 428 shares during the period. Institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling

In related news, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total transaction of $1,970,441.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. This represents a 13.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 254,033 shares of company stock worth $19,240,434. Corporate insiders own 0.41% of the company’s stock.

Fastenal Stock Down 0.4 %

NASDAQ:FAST opened at $81.85 on Monday. The stock’s fifty day moving average is $74.96 and its two-hundred day moving average is $69.24. Fastenal has a 52 week low of $59.47 and a 52 week high of $84.88. The stock has a market capitalization of $46.89 billion, a price-to-earnings ratio of 40.72, a price-to-earnings-growth ratio of 4.80 and a beta of 0.99. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. Fastenal’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. Research analysts anticipate that Fastenal will post 2.03 EPS for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.91%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FAST. UBS Group assumed coverage on shares of Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price objective for the company. Robert W. Baird upped their price target on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Bank of America initiated coverage on shares of Fastenal in a research note on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $86.00 target price (up previously from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $74.80.

Fastenal Company 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.