Fastenal Company $FAST Shares Bought by Louisiana State Employees Retirement System

Key Points

• The Louisiana State Employees Retirement System increased its holdings in Fastenal Company by 98.6% in Q2, owning 144,400 shares worth approximately $6,065,000.
• Institutional investors own 81.38% of Fastenal's stock, with several firms significantly increasing their investments during the same quarter.
• Analysts have varied ratings on Fastenal, with a consensus target price of $47.41, reflecting optimism about future growth and performance.

Louisiana State Employees Retirement System grew its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 98.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 144,400 shares of the company's stock after acquiring an additional 71,700 shares during the quarter. Louisiana State Employees Retirement System's holdings in Fastenal were worth $6,065,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Venturi Wealth Management LLC lifted its holdings in Fastenal by 90.4% in the second quarter. Venturi Wealth Management LLC now owns 30,567 shares of the company's stock worth $1,284,000 after purchasing an additional 14,510 shares during the period. BankPlus Trust Department lifted its holdings in Fastenal by 114.5% in the second quarter. BankPlus Trust Department now owns 61,779 shares of the company's stock worth $2,595,000 after purchasing an additional 32,973 shares during the period. Bellevue Asset Management LLC lifted its holdings in Fastenal by 101.2% in the second quarter. Bellevue Asset Management LLC now owns 869 shares of the company's stock worth $37,000 after purchasing an additional 437 shares during the period. Shell Asset Management Co. lifted its holdings in Fastenal by 133.7% in the second quarter. Shell Asset Management Co. now owns 226,727 shares of the company's stock worth $9,523,000 after purchasing an additional 129,699 shares during the period. Finally, Godsey & Gibb Inc. lifted its holdings in Fastenal by 96.1% in the second quarter. Godsey & Gibb Inc. now owns 588,833 shares of the company's stock worth $24,731,000 after purchasing an additional 288,596 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FAST shares. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Northcoast Research assumed coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a "neutral" rating for the company. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. JPMorgan Chase & Co. boosted their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Fastenal in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $47.41.

Insider Buying and Selling

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the transaction, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. This represents a 67.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 in the last quarter. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Price Performance

NASDAQ FAST opened at $47.55 on Thursday. The stock's 50-day moving average price is $48.24 and its two-hundred day moving average price is $43.76. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The company has a market cap of $54.57 billion, a PE ratio of 45.72, a PEG ratio of 4.31 and a beta of 0.94. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. On average, analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's payout ratio is presently 84.62%.

About Fastenal

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.

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