TCV Trust & Wealth Management Inc. Has $13.10 Million Holdings in Fastenal (NASDAQ:FAST)

TCV Trust & Wealth Management Inc. decreased its stake in shares of Fastenal (NASDAQ:FAST) by 1.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 183,410 shares of the company’s stock after selling 3,097 shares during the period. TCV Trust & Wealth Management Inc.’s holdings in Fastenal were worth $13,099,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. MCF Advisors LLC lifted its position in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares during the last quarter. Central Valley Advisors LLC acquired a new position in shares of Fastenal during the 2nd quarter worth about $28,000. Moisand Fitzgerald Tamayo LLC boosted its stake in Fastenal by 1,019.0% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after purchasing an additional 428 shares during the period. LRI Investments LLC acquired a new stake in Fastenal in the 1st quarter valued at approximately $39,000. Finally, Triad Wealth Partners LLC bought a new position in Fastenal in the 2nd quarter worth approximately $32,000. 81.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on FAST. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Stephens increased their price target on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Stifel Nicolaus restated a “buy” rating and set a $86.00 price objective (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Morgan Stanley increased their target price on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Finally, Robert W. Baird lifted their target price on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus target price of $73.33.

Insider Transactions at Fastenal

In other Fastenal news, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total value of $1,270,509.30. Following the transaction, the insider now directly owns 5,997 shares in the company, valued at $465,667.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP John Lewis Soderberg sold 488 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Joseph Drazkowski sold 16,362 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the completion of the sale, the insider now owns 5,997 shares of the company’s stock, valued at $465,667.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 179,373 shares of company stock valued at $13,029,308. 0.41% of the stock is owned by insiders.

Fastenal Stock Performance

NASDAQ:FAST opened at $75.85 on Friday. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $70.91 and a 200 day moving average price of $67.98. The firm has a market capitalization of $43.45 billion, a PE ratio of 37.74, a price-to-earnings-growth ratio of 4.48 and a beta of 1.01. Fastenal has a 12-month low of $57.01 and a 12-month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. Fastenal’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS. Research analysts anticipate that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a $0.39 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 2.06%. Fastenal’s dividend payout ratio is presently 77.61%.

About Fastenal

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.