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

Key Points

• TCV Trust & Wealth Management Inc. increased its position in Fastenal Company by 97.1% during the 2nd quarter, owning a total of 352,902 shares valued at approximately $14.8 million.
• Fastenal's recent earnings report revealed a quarterly revenue increase of 8.6% year-over-year, with earnings per share of $0.29, surpassing analysts' expectations.
• Notable hedge fund activity includes Vanguard Group raising its stake in Fastenal by 1.4%, now holding shares valued at about $5.7 billion.

TCV Trust & Wealth Management Inc. raised its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 97.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 352,902 shares of the company's stock after purchasing an additional 173,833 shares during the quarter. Fastenal accounts for about 1.3% of TCV Trust & Wealth Management Inc.'s holdings, making the stock its 27th biggest position. TCV Trust & Wealth Management Inc.'s holdings in Fastenal were worth $14,822,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Fastenal by 1.4% in the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock worth $5,685,754,000 after buying an additional 1,016,479 shares during the period. Charles Schwab Investment Management Inc. boosted its position in 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 acquiring an additional 1,850,871 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Fastenal by 1.7% in the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock valued at $652,875,000 after buying an additional 142,972 shares during the last quarter. Principal Financial Group Inc. raised its stake in Fastenal by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock worth $511,198,000 after purchasing an additional 168,830 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Fastenal by 11.5% in 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 acquiring an additional 613,254 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the transaction, the insider directly owned 11,880 shares of the company's stock, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on FAST. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $47.00 to $55.00 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 company an "equal weight" rating in a research report on Tuesday, July 15th. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Finally, Northcoast Research started coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating for the company. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Fastenal currently has a consensus rating of "Hold" and an average price target of $46.82.

Fastenal Stock Up 0.8%

FAST traded up $0.36 during trading on Friday, reaching $47.58. 13,747,553 shares of the stock traded hands, compared to its average volume of 5,443,559. Fastenal Company has a fifty-two week low of $34.69 and a fifty-two week high of $50.63. The stock's 50-day simple moving average is $47.84 and its two-hundred day simple moving average is $42.95. The stock has a market cap of $54.60 billion, a price-to-earnings ratio of 45.75, a price-to-earnings-growth ratio of 4.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. As a group, equities research analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were paid a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal's payout ratio is currently 84.62%.

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.