University of Texas Texas AM Investment Management Co. Invests $2 Million in Fastenal Company $FAST

University of Texas Texas AM Investment Management Co. purchased a new stake in Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 47,622 shares of the company’s stock, valued at approximately $2,000,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co boosted its stake 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 purchasing an additional 292 shares during the last quarter. Hilltop National Bank acquired a new position in Fastenal in the second quarter valued at approximately $27,000. Private Wealth Management Group LLC boosted its stake in Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after acquiring an additional 339 shares during the last quarter. Armstrong Advisory Group Inc. grew its holdings in Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after acquiring an additional 348 shares during the period. Finally, AdvisorNet Financial Inc raised its position 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 acquiring an additional 342 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on FAST. Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an “equal weight” rating in a research report on Thursday, July 3rd. Wolfe Research restated a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Barclays set a $45.00 target price on Fastenal and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. Robert W. Baird dropped their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average price target of $46.50.

Fastenal Stock Performance

Shares of FAST stock opened at $42.87 on Friday. The company has a market capitalization of $49.22 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 3.91 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a 50-day simple moving average of $47.27 and a 200 day simple moving average of $44.25.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the business earned $0.26 earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. On average, sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio is currently 82.24%.

Insider Transactions at Fastenal

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold 90,178 shares of company stock worth $4,336,603 over the last quarter. 0.37% of the stock is currently owned by corporate insiders.

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.