Twin Capital Management Inc. Has $2.99 Million Holdings in Fastenal Company $FAST

Twin Capital Management Inc. grew its holdings in Fastenal Company (NASDAQ:FAST) by 104.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,090 shares of the company’s stock after purchasing an additional 36,379 shares during the period. Twin Capital Management Inc.’s holdings in Fastenal were worth $2,986,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in FAST. Welch & Forbes LLC lifted its position in Fastenal by 0.4% in the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after buying an additional 135 shares in the last quarter. Principal Securities Inc. raised its holdings in shares of Fastenal by 0.9% during the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after acquiring an additional 140 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares in the last quarter. Valeo Financial Advisors LLC boosted its position in Fastenal by 1.5% during the first quarter. Valeo Financial Advisors LLC now owns 10,495 shares of the company’s stock valued at $814,000 after purchasing an additional 153 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its stake in Fastenal by 3.1% in the first quarter. Pinnacle Associates Ltd. now owns 5,057 shares of the company’s stock valued at $392,000 after purchasing an additional 154 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FAST shares. Barclays set a $45.00 price target on Fastenal and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Stephens increased their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. raised their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. Finally, Northcoast Research assumed coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $46.50.

Insiders Place Their Bets

In other news, EVP John Lewis Soderberg sold 34,612 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider directly owned 11,880 shares of the company’s stock, valued at $570,834. This represents a 80.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 90,178 shares of company stock worth $4,336,603 over the last quarter. 0.37% of the stock is currently owned by company insiders.

Fastenal Trading Up 0.9%

NASDAQ:FAST opened at $41.68 on Thursday. The company’s 50 day moving average is $45.94 and its 200-day moving average is $44.38. 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 12 month low of $35.31 and a 12 month high of $50.63. The firm has a market cap of $47.85 billion, a price-to-earnings ratio of 38.95, a P/E/G ratio of 3.75 and a beta of 0.92.

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

Fastenal Announces Dividend

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

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.