Illinois Municipal Retirement Fund Acquires 93,127 Shares of Fastenal (NASDAQ:FAST)

Illinois Municipal Retirement Fund lifted its holdings in shares of Fastenal (NASDAQ:FAST) by 44.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 303,045 shares of the company’s stock after acquiring an additional 93,127 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.05% of Fastenal worth $19,043,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FAST. Central Valley Advisors LLC bought a new position in Fastenal during the 2nd quarter valued at about $28,000. MCF Advisors LLC lifted its holdings in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares during the last quarter. Triad Wealth Partners LLC bought a new position in Fastenal during the 2nd quarter valued at about $32,000. Crewe Advisors LLC lifted its holdings in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after purchasing an additional 428 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in Fastenal during the 2nd quarter valued at about $35,000. 81.38% of the stock is owned by institutional investors.

Fastenal Trading Up 1.1 %

Shares of NASDAQ:FAST traded up $0.71 during trading on Friday, hitting $65.89. 3,199,589 shares of the company’s stock were exchanged, compared to its average volume of 3,484,385. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04. The firm has a 50-day moving average price of $66.71 and a two-hundred day moving average price of $68.67. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The firm has a market cap of $37.73 billion, a P/E ratio of 32.78, a PEG ratio of 3.72 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the previous year, the company earned $0.52 EPS. Fastenal’s revenue was up 1.8% on a year-over-year basis. Equities analysts predict that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently declared 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 2.37%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is 77.61%.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of the business’s 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. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Hsenghung Sam Hsu acquired 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now owns 3,500 shares in the company, valued at $221,480. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the business’s 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 transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FAST has been the subject of a number of research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Morgan Stanley initiated coverage on shares of Fastenal in a research note on Friday. They issued an “equal weight” rating and a $72.00 target price for the company. Stephens reaffirmed an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Finally, Jefferies Financial Group dropped their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and an average price target of $67.43.

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.