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

California State Teachers Retirement System reduced its position in Fastenal Company (NASDAQ:FAST) by 2.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,761,557 shares of the company’s stock after selling 36,291 shares during the period. California State Teachers Retirement System owned about 0.15% of Fastenal worth $81,736,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wiregrass Investment Management LLC acquired a new position in shares of Fastenal in the fourth quarter valued at $1,020,000. Swiss Life Asset Management Ltd lifted its stake in shares of Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after buying an additional 39,406 shares during the last quarter. LBP AM SA lifted its stake in shares of Fastenal by 11.8% during the 4th quarter. LBP AM SA now owns 232,847 shares of the company’s stock worth $9,344,000 after buying an additional 24,536 shares during the last quarter. Fideuram Asset Management Ireland dac bought a new stake in shares of Fastenal during the 4th quarter worth about $4,041,000. Finally, National Pension Service boosted its holdings in shares of Fastenal by 2.9% during the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock worth $64,362,000 after buying an additional 45,260 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST opened at $47.78 on Thursday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The firm has a market cap of $54.83 billion, a price-to-earnings ratio of 40.49, a P/E/G ratio of 3.01 and a beta of 0.72. The firm’s 50-day simple moving average is $46.17 and its 200 day simple moving average is $45.52. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the firm posted $0.29 EPS. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, sell-side analysts predict that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Insider Activity

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FAST. Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Barclays reduced their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $48.83.

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.