TCV Trust & Wealth Management Inc. Boosts Position in Fastenal Company $FAST

TCV Trust & Wealth Management Inc. boosted its holdings in Fastenal Company (NASDAQ:FAST) by 97.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 352,902 shares of the company’s stock after buying an additional 173,833 shares during the period. Fastenal makes up about 1.3% of TCV Trust & Wealth Management Inc.’s investment portfolio, making the stock its 27th largest position. TCV Trust & Wealth Management Inc.’s holdings in Fastenal were worth $14,822,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company’s stock valued at $5,685,754,000 after purchasing an additional 1,016,479 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the period. Baird Financial Group Inc. raised its stake in shares of Fastenal by 1.7% during the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company’s stock valued at $652,875,000 after purchasing an additional 142,972 shares during the period. Principal Financial Group Inc. raised its stake in shares of Fastenal by 2.6% during the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company’s stock valued at $511,198,000 after purchasing an additional 168,830 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fastenal by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company’s stock valued at $460,153,000 after purchasing an additional 613,254 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Fastenal stock opened at $47.22 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The company has a market cap of $54.19 billion, a PE ratio of 45.40, a P/E/G ratio of 4.29 and a beta of 0.97. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63. The company has a fifty day moving average price of $47.76 and a two-hundred day moving average price of $42.82.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.25 earnings per share. Research analysts expect that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal’s payout ratio is currently 84.62%.

Insider Activity at Fastenal

In related news, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $333,000.14. Following the sale, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 in the last ninety days. Company insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FAST. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Loop Capital reissued a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. Finally, Stephens raised their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $46.82.

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.