AlphaCrest Capital Management LLC acquired a new position in Fastenal (NASDAQ:FAST) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 7,835 shares of the company’s stock, valued at approximately $504,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its position in Fastenal by 4,838.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,659,620 shares of the company’s stock worth $70,000 after purchasing an additional 3,585,509 shares during the last quarter. London Co. of Virginia purchased a new position in Fastenal in the fourth quarter worth about $168,189,000. Norges Bank purchased a new position in Fastenal in the fourth quarter worth about $135,756,000. Bank of New York Mellon Corp boosted its position in Fastenal by 7.7% in the fourth quarter. Bank of New York Mellon Corp now owns 15,859,900 shares of the company’s stock worth $829,314,000 after purchasing an additional 1,134,666 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Fastenal by 3.3% in the fourth quarter. BlackRock Inc. now owns 19,919,843 shares of the company’s stock worth $1,041,607,000 after purchasing an additional 633,546 shares during the last quarter. Institutional investors own 85.36% of the company’s stock.
FAST stock opened at $32.35 on Wednesday. Fastenal has a twelve month low of $23.68 and a twelve month high of $35.94. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.97 and a current ratio of 4.31. The stock has a market cap of $18.47 billion, a PE ratio of 24.51, a P/E/G ratio of 1.42 and a beta of 1.27.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, April 24th were given a dividend of $0.43 per share. The ex-dividend date of this dividend was Tuesday, April 23rd. This represents a $1.72 dividend on an annualized basis and a dividend yield of 5.32%. Fastenal’s payout ratio is currently 65.15%.
In related news, insider Nicholas J. Lundquist sold 37,500 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $70.48, for a total value of $2,643,000.00. Following the transaction, the insider now directly owns 253,500 shares of the company’s stock, valued at approximately $17,866,680. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Leland J. Hein sold 19,929 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $70.37, for a total value of $1,402,403.73. Following the completion of the transaction, the insider now directly owns 14,931 shares in the company, valued at $1,050,694.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,470 shares of company stock worth $11,485,007. Insiders own 0.62% of the company’s stock.
FAST has been the topic of several research reports. BidaskClub cut Fastenal from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 20th. Buckingham Research raised their target price on Fastenal from $28.50 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Raymond James set a $39.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Friday, April 12th. Northcoast Research cut Fastenal from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. Finally, Morgan Stanley lifted their price objective on Fastenal from $27.50 to $31.50 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the company’s stock. Fastenal currently has an average rating of “Hold” and an average price target of $30.85.
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Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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