Texas Permanent School Fund Corp Acquires 18,712 Shares of Fastenal Company $FAST

Texas Permanent School Fund Corp grew its holdings in Fastenal Company (NASDAQ:FAST) by 30.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 80,613 shares of the company’s stock after buying an additional 18,712 shares during the period. Texas Permanent School Fund Corp’s holdings in Fastenal were worth $3,386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. 1248 Management LLC purchased a new position in Fastenal in the first quarter worth about $36,000. Riverview Trust Co raised its position in Fastenal by 100.0% during the second 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 period. Private Wealth Management Group LLC lifted its stake 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 valued at $27,000 after purchasing an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Fastenal in the 2nd quarter valued at approximately $27,000. Finally, Hilltop National Bank purchased a new position in shares of Fastenal in the 2nd quarter worth approximately $27,000. 81.38% of the stock is currently owned by institutional investors.

Insider Activity at Fastenal

In other news, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sarah N. Nielsen acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average price of $39.60 per share, with a total value of $39,600.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $198,000. This represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders purchased 3,000 shares of company stock worth $131,630. 0.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FAST. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a report on Monday. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Robert W. Baird lowered their target price on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Sanford C. Bernstein started coverage on shares of Fastenal in a report on Tuesday, November 11th. They set an “underperform” rating and a $38.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.73.

Fastenal Stock Up 0.0%

Shares of FAST opened at $42.35 on Friday. The firm has a fifty day moving average price of $41.33 and a 200-day moving average price of $44.42. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The firm has a market capitalization 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 12-month low of $35.31 and a 12-month 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). The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 EPS. Equities research analysts expect that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th were issued a $0.22 dividend. The ex-dividend date was 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 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.