Penserra Capital Management LLC Raises Stock Holdings in Fastenal Company $FAST

Penserra Capital Management LLC boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 124.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 6,300 shares of the company’s stock after acquiring an additional 3,491 shares during the quarter. Penserra Capital Management LLC’s holdings in Fastenal were worth $264,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FAST. Riverview Trust Co lifted its holdings in shares of Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares during the period. Hilltop National Bank purchased a new position in Fastenal during the 2nd quarter worth approximately $27,000. Private Wealth Management Group LLC lifted its stake in Fastenal by 111.9% during the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after acquiring an additional 339 shares during the period. Armstrong Advisory Group Inc. boosted its holdings in shares of Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its stake in shares of Fastenal by 95.0% in the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after acquiring an additional 342 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of Fastenal stock opened at $40.97 on Thursday. The firm has a market cap of $47.04 billion, a PE ratio of 38.29, a P/E/G ratio of 3.75 and a beta of 0.92. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average price of $45.08 and a 200 day moving average price of $44.40.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 EPS. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Insider Buying and Selling at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction 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 sale, the executive vice president owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. The trade was a 36.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the firm’s stock in a transaction on Thursday, October 16th. The shares were bought at an average cost of $42.45 per share, for a total transaction of $42,450.00. Following the completion of the acquisition, the director owned 9,000 shares of the company’s stock, valued at approximately $382,050. This represents a 12.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.37% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Barclays set a $45.00 price objective on Fastenal and gave the company an “equal weight” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. raised their target price on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Sanford C. Bernstein assumed coverage on Fastenal in a research report on Tuesday. They set an “underperform” rating and a $38.00 price target for the company. Finally, Northcoast Research started coverage on Fastenal in a research report on Thursday, August 21st. They issued a “neutral” rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and an average price target of $45.95.

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.