Penserra Capital Management LLC Buys 3,491 Shares of Fastenal Company $FAST

Penserra Capital Management LLC raised its stake in Fastenal Company (NASDAQ:FAST) by 124.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,300 shares of the company’s stock after buying an additional 3,491 shares during the period. Penserra Capital Management LLC’s holdings in Fastenal were worth $264,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Fastenal Trading Down 0.7%

NASDAQ:FAST opened at $40.97 on Thursday. The stock has a market capitalization of $47.04 billion, a price-to-earnings ratio of 38.29, a PEG ratio of 3.75 and a beta of 0.92. Fastenal Company has a 52 week low of $35.31 and a 52 week 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 firm has a 50 day moving average of $45.08 and a 200 day moving average of $44.40.

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

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio is currently 82.24%.

Insider Transactions at Fastenal

In related news, Director Hsenghung Sam Hsu acquired 1,000 shares of the business’s stock in a transaction dated Thursday, October 16th. The shares were purchased at an average price of $42.45 per share, for a total transaction of $42,450.00. Following the completion of the acquisition, the director directly owned 9,000 shares in the company, valued at $382,050. The trade was a 12.50% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction 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 $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

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