Teacher Retirement System of Texas Grows Stock Position in Fastenal Company $FAST

Teacher Retirement System of Texas boosted its holdings in Fastenal Company (NASDAQ:FAST) by 128.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 483,297 shares of the company’s stock after buying an additional 272,187 shares during the period. Teacher Retirement System of Texas’ holdings in Fastenal were worth $23,701,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Brighton Jones LLC purchased a new stake in Fastenal in the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Fastenal in the 2nd quarter valued at $213,000. AdvisorNet Financial Inc grew its stake in shares of Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after buying an additional 342 shares during the period. Finally, Fifth Third Bancorp increased its holdings in shares of Fastenal by 100.6% during the 2nd quarter. Fifth Third Bancorp now owns 77,800 shares of the company’s stock worth $3,268,000 after buying an additional 39,016 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other news, Director Hsenghung Sam Hsu purchased 1,000 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average cost of $49.58 per share, with a total value of $49,580.00. Following the acquisition, the director owned 10,000 shares in the company, valued at approximately $495,800. This trade represents a 11.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sarah N. Nielsen purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The shares were purchased at an average cost of $39.60 per share, for a total transaction of $39,600.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at $198,000. This trade represents a 25.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $43.89 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.19. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a market capitalization of $50.39 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 2.87 and a beta of 0.90. The business has a 50-day moving average of $41.47 and a 200-day moving average of $44.44.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.Fastenal’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 EPS. On average, equities analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is presently 82.24%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FAST. Wolfe Research reduced their target price on Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a report on Wednesday. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday. Robert W. Baird reduced their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Finally, Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $48.00.

Fastenal Company 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.