Genus Capital Management Inc. Makes New Investment in Fastenal Company $FAST

Genus Capital Management Inc. bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 48,700 shares of the company’s stock, valued at approximately $2,045,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Riverview Trust Co lifted its position in shares of 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 buying an additional 292 shares during the last quarter. Hilltop National Bank purchased a new stake in shares of Fastenal during the second quarter valued at about $27,000. Private Wealth Management Group LLC lifted its position in shares of Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after buying an additional 339 shares during the last quarter. Armstrong Advisory Group Inc. lifted its position 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 last quarter. Finally, AdvisorNet Financial Inc lifted its position in shares of Fastenal by 95.0% during the second 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. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the 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 transaction, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 90,178 shares of company stock worth $4,336,603 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Fastenal Stock Performance

Shares of Fastenal stock opened at $41.30 on Wednesday. The firm has a market capitalization of $47.41 billion, a P/E ratio of 38.60, a PEG ratio of 3.75 and a beta of 0.94. 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 company has a 50 day moving average price of $46.11 and a 200 day moving average price of $44.40. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share 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 business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the company posted $0.26 EPS. Fastenal’s quarterly revenue was up 11.7% compared to the same quarter last year. Sell-side analysts expect that Fastenal Company will post 2.15 EPS 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 issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Wall Street Analysts Forecast Growth

Several analysts have commented on FAST shares. Wolfe Research reissued a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Northcoast Research began coverage on shares of Fastenal in a research report on Thursday, August 21st. They issued a “neutral” rating for the company. Finally, Stephens increased their price objective on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.50.

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.