Teacher Retirement System of Texas Boosts Stake in Fastenal (NASDAQ:FAST)

Teacher Retirement System of Texas lifted its holdings in Fastenal (NASDAQ:FAST) by 64.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 163,138 shares of the company’s stock after purchasing an additional 63,823 shares during the quarter. Teacher Retirement System of Texas’ holdings in Fastenal were worth $10,566,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in shares of Fastenal by 47.3% in the third quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock worth $256,344,000 after buying an additional 1,505,936 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Fastenal by 85.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,179,453 shares of the company’s stock worth $141,163,000 after purchasing an additional 1,002,004 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Fastenal by 16.5% during the 3rd quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock worth $368,563,000 after purchasing an additional 957,091 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Fastenal by 80.0% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,600,206 shares of the company’s stock worth $87,435,000 after acquiring an additional 711,265 shares during the last quarter. Finally, Royal Bank of Canada raised its position in shares of Fastenal by 9.3% during the 3rd quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after buying an additional 568,372 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

NASDAQ FAST traded up $0.29 during trading hours on Monday, hitting $68.17. The company had a trading volume of 117,922 shares, compared to its average volume of 3,886,432. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $72.53 and a 200-day simple moving average of $67.43. The firm has a market cap of $39.03 billion, a P/E ratio of 33.60, a price-to-earnings-growth ratio of 3.56 and a beta of 1.07. Fastenal has a fifty-two week low of $52.86 and a fifty-two week high of $79.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter last year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Equities analysts predict that Fastenal will post 2.12 EPS for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.29%. The ex-dividend date is Wednesday, April 24th. Fastenal’s dividend payout ratio (DPR) is currently 77.23%.

Insider Activity

In other news, Director Daniel L. Johnson purchased 3,350 shares of Fastenal stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the acquisition, the director now directly owns 10,595 shares in the company, valued at $724,486.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fastenal news, insider Jeffery Michael Watts sold 19,420 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $70.25, for a total value of $1,364,255.00. Following the sale, the insider now directly owns 5,940 shares in the company, valued at approximately $417,285. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel L. Johnson acquired 3,350 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, with a total value of $229,073.00. Following the purchase, the director now owns 10,595 shares in the company, valued at approximately $724,486.10. The disclosure for this purchase can be found here. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Robert W. Baird dropped their price objective on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. HSBC upped their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Stifel Nicolaus raised their target price on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, March 18th. Finally, Loop Capital dropped their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $67.33.

Fastenal Company 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.