Texas Permanent School Fund Corp Increases Position in Fastenal Company $FAST

Texas Permanent School Fund Corp lifted its stake in Fastenal Company (NASDAQ:FAST) by 30.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 80,613 shares of the company’s stock after purchasing an additional 18,712 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Fastenal were worth $3,386,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. 1248 Management LLC bought a new position in Fastenal in the first quarter worth about $36,000. Riverview Trust Co boosted its holdings in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after buying an additional 292 shares in the last quarter. Private Wealth Management Group LLC grew its position in shares of Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of Fastenal during the 2nd quarter worth approximately $27,000. Finally, Hilltop National Bank purchased a new stake in Fastenal during the second quarter valued at approximately $27,000. Institutional investors own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $49.58 per share, with a total value of $49,580.00. Following the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at approximately $495,800. The trade was a 11.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sarah N. Nielsen acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 3,000 shares of company stock valued at $131,630. Company insiders own 0.37% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $42.35 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The stock has a 50-day moving average of $41.33 and a two-hundred day moving average of $44.42. The stock has a market cap of $48.62 billion, a P/E ratio of 39.58, a P/E/G ratio of 3.39 and a beta of 0.89. Fastenal Company has a one year low of $35.31 and a one year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data 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). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, research analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday. Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 target price on the stock in a research note on Thursday, November 13th. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. UBS Group raised Fastenal from a “hold” rating to a “buy” rating and raised their price target for the stock from $45.00 to $52.00 in a report on Monday, December 15th. Finally, Barclays dropped their price target on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $48.73.

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.