Employees Retirement System of Texas Acquires New Holdings in Fastenal Company $FAST

Employees Retirement System of Texas bought a new position in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 130,200 shares of the company’s stock, valued at approximately $5,468,000.

Other hedge funds also recently made changes to their positions in the company. Riverview Trust Co raised its stake in Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after acquiring an additional 292 shares in the last quarter. Hilltop National Bank acquired a new position in shares of Fastenal during the second quarter valued at $27,000. Private Wealth Management Group LLC raised its stake in shares of Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after purchasing an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. lifted its holdings in Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after purchasing an additional 348 shares during the period. Finally, AdvisorNet Financial Inc grew its position in Fastenal by 95.0% in 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 in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $40.30 on Thursday. The stock’s fifty day simple moving average is $43.48 and its 200 day simple moving average is $44.39. The stock has a market capitalization of $46.27 billion, a price-to-earnings ratio of 37.66, a PEG ratio of 3.75 and a beta of 0.92. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.26 EPS. As a group, sell-side analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, October 28th. Fastenal’s payout ratio is presently 82.24%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays dropped their price target on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 13th. Robert W. Baird lowered their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Northcoast Research began coverage on Fastenal in a research report on Thursday, August 21st. They issued a “neutral” rating for the company. JPMorgan Chase & Co. increased their price target on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. Finally, Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective for the company in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average price target of $46.32.

Insiders Place Their Bets

In other Fastenal news, Director Sarah N. Nielsen bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average price of $39.60 per share, with a total value of $39,600.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at approximately $198,000. This represents a 25.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 3,000 shares of company stock valued at $131,630 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

About Fastenal

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.