Illinois Municipal Retirement Fund Sells 44,997 Shares of Fastenal Company $FAST

Illinois Municipal Retirement Fund cut its holdings in shares of Fastenal Company (NASDAQ:FAST) by 9.8% during the third quarter, Holdings Channel reports. The fund owned 414,971 shares of the company’s stock after selling 44,997 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Fastenal were worth $20,350,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC increased its holdings in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the last quarter. Sowell Financial Services LLC boosted its holdings in shares of Fastenal by 4.7% during the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after buying an additional 238 shares during the period. Rowlandmiller & PARTNERS.ADV grew its stake in Fastenal by 1.7% in the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock valued at $721,000 after buying an additional 250 shares during the last quarter. SOA Wealth Advisors LLC. raised its holdings in Fastenal by 71.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares during the period. Finally, Harfst & Associates Inc. lifted its position in Fastenal by 0.4% during the third quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock worth $3,125,000 after acquiring an additional 256 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Buying and Selling

In related news, Director Sarah N. Nielsen purchased 1,000 shares of the stock in a transaction dated Wednesday, November 19th. The stock was bought at an average cost of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the acquisition, the director owned 5,000 shares of the company’s stock, valued at approximately $198,000. This represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.37% of the company’s stock.

Fastenal Stock Up 0.8%

Shares of FAST opened at $47.02 on Thursday. The firm has a 50 day simple moving average of $42.91 and a two-hundred day simple moving average of $44.44. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a market cap of $53.99 billion, a P/E ratio of 42.75, a P/E/G ratio of 2.98 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. Fastenal’s revenue was up 11.1% on a year-over-year basis. Research analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. Fastenal’s dividend payout ratio (DPR) is currently 87.27%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FAST shares. Robert W. Baird upped their target price on Fastenal from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. UBS Group reaffirmed a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Barclays set a $43.00 price objective on Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $48.18.

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.