Teacher Retirement System of Texas lowered its position in Fastenal Co. (NASDAQ:FAST) by 1.9% during the second quarter, Holdings Channel reports. The fund owned 33,150 shares of the company’s stock after selling 630 shares during the period. Teacher Retirement System of Texas’ holdings in Fastenal were worth $1,472,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Fastenal during the fourth quarter worth about $101,024,000. DnB Asset Management AS raised its position in Fastenal by 41.0% in the first quarter. DnB Asset Management AS now owns 22,372 shares of the company’s stock worth $1,096,000 after buying an additional 6,500 shares during the last quarter. Capstone Asset Management Co. raised its position in Fastenal by 1.9% in the first quarter. Capstone Asset Management Co. now owns 48,166 shares of the company’s stock worth $2,360,000 after buying an additional 900 shares during the last quarter. Sigma Planning Corp raised its position in Fastenal by 10.0% in the first quarter. Sigma Planning Corp now owns 8,084 shares of the company’s stock worth $296,000 after buying an additional 736 shares during the last quarter. Finally, Jag Capital Management LLC purchased a new position in Fastenal during the first quarter worth about $6,827,000. 82.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fastenal Co. (NASDAQ:FAST) opened at 40.44 on Friday. Fastenal Co. has a one year low of $34.45 and a one year high of $49.99. The stock’s 50 day moving average price is $42.42 and its 200 day moving average price is $44.73. The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of 23.11 and a beta of 0.90.
Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 12th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.48 by $0.03. Fastenal had a net margin of 12.91% and a return on equity of 27.83%. The company earned $1.01 billion during the quarter. During the same quarter last year, the firm earned $0.48 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Fastenal Co. will post $1.74 EPS for the current fiscal year.
FAST has been the topic of a number of research analyst reports. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Fastenal in a report on Wednesday, June 8th. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $43.00 target price on shares of Fastenal in a report on Friday, June 17th. Morgan Stanley began coverage on Fastenal in a research note on Thursday, July 7th. They issued an “equal weight” rating and a $46.00 price target on the stock. BMO Capital Markets reissued a “market perform” rating and issued a $47.00 price target on shares of Fastenal in a research note on Wednesday, July 13th. Finally, Zacks Investment Research cut Fastenal from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 14th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. Fastenal has an average rating of “Hold” and a consensus target price of $47.44.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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