California State Teachers Retirement System Sells 36,291 Shares of Fastenal Company $FAST

California State Teachers Retirement System cut its position in Fastenal Company (NASDAQ:FAST) by 2.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,761,557 shares of the company’s stock after selling 36,291 shares during the quarter. California State Teachers Retirement System’s holdings in Fastenal were worth $81,736,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new position in Fastenal in the fourth quarter valued at approximately $25,000. Palladiem LLC acquired a new position in Fastenal during the fourth quarter valued at approximately $25,000. Evergreen Advisors LLC bought a new stake in Fastenal during the first quarter worth $26,000. MV Capital Management Inc. bought a new stake in Fastenal during the fourth quarter worth $29,000. Finally, Field & Main Bank acquired a new stake in shares of Fastenal in the 4th quarter valued at $30,000. Institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.28% of the stock is currently owned by company insiders.

Fastenal Stock Performance

Shares of Fastenal stock opened at $47.78 on Thursday. The company’s 50 day moving average price is $46.17 and its two-hundred day moving average price is $45.52. The firm has a market capitalization of $54.83 billion, a P/E ratio of 40.49, a P/E/G ratio of 3.01 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the business earned $0.29 earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. On average, equities analysts forecast that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is currently 88.14%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FAST. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. DA Davidson restated a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. JPMorgan Chase & Co. lifted their target price on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, Barclays lowered their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average price target of $48.83.

Fastenal Company 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.