TCW Group Inc. Lowers Stake in Fastenal (FAST)

TCW Group Inc. reduced its position in shares of Fastenal (NASDAQ:FAST) by 87.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 18,216 shares of the company’s stock after selling 121,620 shares during the quarter. TCW Group Inc.’s holdings in Fastenal were worth $1,057,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc boosted its position in shares of Fastenal by 4.5% during the 2nd quarter. CIBC Asset Management Inc now owns 39,775 shares of the company’s stock valued at $1,914,000 after acquiring an additional 1,708 shares during the last quarter. Global X Management Co LLC boosted its position in shares of Fastenal by 16.4% during the 2nd quarter. Global X Management Co LLC now owns 69,024 shares of the company’s stock valued at $3,322,000 after acquiring an additional 9,734 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Fastenal during the 2nd quarter valued at approximately $1,322,000. Achmea Investment Management B.V. boosted its position in shares of Fastenal by 28.7% during the 2nd quarter. Achmea Investment Management B.V. now owns 66,651 shares of the company’s stock valued at $3,204,000 after acquiring an additional 14,857 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund bought a new position in shares of Fastenal during the 2nd quarter valued at approximately $3,546,000. Hedge funds and other institutional investors own 86.37% of the company’s stock.

A number of research analysts have recently commented on the company. Stifel Nicolaus increased their target price on Fastenal from $53.00 to $56.00 and gave the company a “hold” rating in a research report on Friday, July 13th. BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a research report on Friday, July 20th. ValuEngine upgraded Fastenal from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Saturday, July 14th. Finally, Buckingham Research assumed coverage on Fastenal in a research report on Monday, October 22nd. They set a “neutral” rating and a $50.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. Fastenal presently has a consensus rating of “Hold” and an average target price of $56.40.

In related news, CEO Daniel L. Florness purchased 2,000 shares of the stock in a transaction that occurred on Friday, October 12th. The stock was bought at an average cost of $51.95 per share, for a total transaction of $103,900.00. Following the completion of the transaction, the chief executive officer now directly owns 99,845 shares in the company, valued at $5,186,947.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider William Joseph Drazkowski purchased 830 shares of the stock in a transaction that occurred on Tuesday, October 23rd. The stock was bought at an average price of $50.54 per share, with a total value of $41,948.20. Following the completion of the transaction, the insider now owns 2,790 shares of the company’s stock, valued at $141,006.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 5,795 shares of company stock valued at $299,849. 0.56% of the stock is owned by corporate insiders.

Shares of FAST opened at $52.76 on Friday. The firm has a market capitalization of $14.76 billion, a P/E ratio of 27.34, a P/E/G ratio of 1.42 and a beta of 1.01. Fastenal has a 52-week low of $46.72 and a 52-week high of $61.14. The company has a quick ratio of 2.48, a current ratio of 5.35 and a debt-to-equity ratio of 0.17.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. Fastenal’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the company earned $0.50 earnings per share. On average, sell-side analysts anticipate that Fastenal will post 2.58 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, October 24th will be given a $0.40 dividend. The ex-dividend date is Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a yield of 3.03%. Fastenal’s dividend payout ratio is presently 82.90%.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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