TCM Advisors LLC Invests $711,000 in Fastenal Company $FAST

TCM Advisors LLC bought a new stake in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,800 shares of the company’s stock, valued at approximately $711,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Fastenal during the second quarter valued at $5,105,454,000. Bank of New York Mellon Corp bought a new stake in shares of Fastenal in the 2nd quarter worth about $859,310,000. Norges Bank bought a new stake in shares of Fastenal in the 4th quarter worth about $646,046,000. Wellington Management Group LLP lifted its holdings in shares of Fastenal by 243.5% in the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after acquiring an additional 8,574,208 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling

In other news, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on FAST. Morgan Stanley upped their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Weiss Ratings downgraded Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus target price of $49.17.

Fastenal Price Performance

Shares of FAST opened at $51.26 on Monday. The firm has a market capitalization of $58.82 billion, a P/E ratio of 43.44, a P/E/G ratio of 3.20 and a beta of 0.72. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average price of $47.96 and a 200-day moving average price of $46.38.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. Equities research analysts expect that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is currently 88.14%.

Fastenal 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.