Plato Investment Management Ltd Sells 4,990 Shares of Fastenal (NASDAQ:FAST)

Plato Investment Management Ltd decreased its holdings in Fastenal (NASDAQ:FAST) by 12.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 34,126 shares of the company’s stock after selling 4,990 shares during the period. Plato Investment Management Ltd’s holdings in Fastenal were worth $2,144,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Baird Financial Group Inc. grew its position in Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after acquiring an additional 1,043,529 shares during the last quarter. Norges Bank bought a new stake in shares of Fastenal during the 4th quarter valued at approximately $405,513,000. Envestnet Asset Management Inc. increased its position in Fastenal by 2.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock worth $310,931,000 after purchasing an additional 109,028 shares in the last quarter. TD Asset Management Inc increased its position in Fastenal by 21.2% during the 1st quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after purchasing an additional 569,118 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Fastenal by 46.2% in the 1st quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock valued at $245,757,000 after purchasing an additional 1,006,402 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FAST shares. Morgan Stanley assumed coverage on Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price objective on the stock. Stephens reiterated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group lowered their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 price target (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $67.43.

Fastenal Price Performance

FAST opened at $69.82 on Friday. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The company has a market capitalization of $39.98 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 3.78 and a beta of 1.01. The firm’s fifty day moving average price is $67.35 and its two-hundred day moving average price is $68.56.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the firm posted $0.52 EPS. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, analysts anticipate that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is presently 77.61%.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated 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. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.41% of the company’s stock.

Fastenal 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.