TIAA Trust National Association Has $1.26 Million Stake in Fastenal Company $FAST

TIAA Trust National Association raised its stake in Fastenal Company (NASDAQ:FAST) by 108.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,980 shares of the company’s stock after buying an additional 15,597 shares during the quarter. TIAA Trust National Association’s holdings in Fastenal were worth $1,259,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FAST. Patton Fund Management Inc. acquired a new position in shares of Fastenal during the 2nd quarter worth approximately $229,000. Values First Advisors Inc. increased its position in shares of Fastenal by 183.0% during the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after purchasing an additional 6,064 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. Picton Mahoney Asset Management increased its position in shares of Fastenal by 7.5% during the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock worth $14,074,000 after purchasing an additional 12,721 shares during the last quarter. Finally, KLP Kapitalforvaltning AS increased its position in shares of Fastenal by 3.9% during the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock worth $15,180,000 after purchasing an additional 7,400 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Up 0.6%

Shares of FAST opened at $41.30 on Wednesday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a market cap of $47.41 billion, a P/E ratio of 38.60, a P/E/G ratio of 3.75 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The firm has a 50 day simple moving average of $46.11 and a two-hundred day simple moving average of $44.40.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share 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 business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the company earned $0.26 earnings per share. Fastenal’s quarterly revenue was up 11.7% compared to the same quarter last year. Research analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio is currently 82.24%.

Analyst Ratings Changes

A number of research analysts recently weighed in on FAST shares. Northcoast Research started coverage on Fastenal in a report on Thursday, August 21st. They set a “neutral” rating on the stock. Barclays set a $45.00 target price on Fastenal and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their target price on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Loop Capital reissued a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, Robert W. Baird decreased their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.50.

Insiders Place Their Bets

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the company’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale is available in the SEC filing. Insiders have sold 90,178 shares of company stock valued at $4,336,603 in the last quarter. Corporate insiders own 0.37% of the company’s stock.

Fastenal 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.