United Services Automobile Association Has $1.07 Million Stock Holdings in Fastenal (NASDAQ:FAST)

United Services Automobile Association cut its position in Fastenal (NASDAQ:FAST) by 6.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,067 shares of the company’s stock after selling 1,228 shares during the period. United Services Automobile Association’s holdings in Fastenal were worth $1,072,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Choreo LLC grew its stake in shares of Fastenal by 106.9% in the 2nd quarter. Choreo LLC now owns 22,865 shares of the company’s stock valued at $1,421,000 after buying an additional 11,816 shares during the period. Prudential PLC grew its stake in shares of Fastenal by 184.7% in the 2nd quarter. Prudential PLC now owns 47,786 shares of the company’s stock valued at $3,003,000 after buying an additional 31,004 shares during the period. Fairbanks Capital Management Inc. grew its stake in shares of Fastenal by 2.5% in the 2nd quarter. Fairbanks Capital Management Inc. now owns 10,517 shares of the company’s stock valued at $661,000 after buying an additional 260 shares during the period. Quest Partners LLC grew its stake in shares of Fastenal by 284.8% in the 2nd quarter. Quest Partners LLC now owns 6,619 shares of the company’s stock valued at $416,000 after buying an additional 4,899 shares during the period. Finally, X Square Capital LLC lifted its position in Fastenal by 1.2% in the 2nd quarter. X Square Capital LLC now owns 14,278 shares of the company’s stock valued at $897,000 after acquiring an additional 169 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FAST. Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group dropped their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Finally, Morgan Stanley began coverage on shares of Fastenal in a research report on Friday. They issued an “equal weight” rating and a $72.00 price target on the stock. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $67.43.

Fastenal Price Performance

Fastenal stock opened at $68.09 on Tuesday. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The company’s 50 day moving average price is $66.83 and its two-hundred day moving average price is $68.62. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The stock has a market cap of $38.99 billion, a P/E ratio of 33.88, a P/E/G ratio of 3.59 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last posted its 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 firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities analysts predict that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.29%. Fastenal’s payout ratio is currently 77.61%.

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.