PNC Financial Services Group Inc. Has $34.41 Million Stock Position in Fastenal Company $FAST

PNC Financial Services Group Inc. increased its position in shares of Fastenal Company (NASDAQ:FAST) by 95.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 819,372 shares of the company’s stock after buying an additional 399,334 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fastenal were worth $34,414,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of FAST. Riverview Trust Co boosted its holdings in Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after acquiring an additional 292 shares during the period. Hilltop National Bank acquired a new position in shares of Fastenal during the 2nd quarter worth about $27,000. Private Wealth Management Group LLC boosted 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 purchasing an additional 339 shares during the period. Armstrong Advisory Group Inc. grew its holdings in 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 buying an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc grew its holdings in Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after buying an additional 342 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 0.5%

Shares of FAST stock opened at $40.75 on Friday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The stock has a fifty day moving average price of $44.89 and a 200 day moving average price of $44.37. The stock has a market cap of $46.78 billion, a P/E ratio of 38.08, a price-to-earnings-growth ratio of 3.75 and a beta of 0.92.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, October 14th. 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 during the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company’s quarterly revenue 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. Analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Northcoast Research started coverage on Fastenal in a research report on Thursday, August 21st. They issued a “neutral” rating for the company. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Sanford C. Bernstein started coverage on shares of Fastenal in a report on Tuesday. They set an “underperform” rating and a $38.00 price objective on the stock. Finally, Wolfe Research raised shares of Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective for the company in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $46.32.

Insider Buying and Selling

In related news, 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, with a total value of $42,450.00. Following the completion of the acquisition, the director owned 9,000 shares of the company’s stock, valued at $382,050. This trade represents a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Fastenal 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.