Trexquant Investment LP Takes Position in Fastenal Company (FAST)

Trexquant Investment LP bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 36,100 shares of the company’s stock, valued at approximately $1,571,000. Fastenal comprises 0.4% of Trexquant Investment LP’s portfolio, making the stock its 15th largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Macquarie Group Ltd. raised its position in Fastenal by 77.1% in the fourth quarter. Macquarie Group Ltd. now owns 18,600 shares of the company’s stock worth $874,000 after buying an additional 8,100 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its position in Fastenal by 3.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 251,864 shares of the company’s stock worth $12,971,000 after buying an additional 7,250 shares during the last quarter. Creative Planning raised its stake in Fastenal by 11.0% in the first quarter. Creative Planning now owns 11,010 shares of the company’s stock valued at $567,000 after buying an additional 1,087 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in Fastenal by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 85,076 shares of the company’s stock valued at $4,381,000 after buying an additional 1,100 shares in the last quarter. Finally, National Pension Service raised its stake in Fastenal by 10.6% in the first quarter. National Pension Service now owns 255,525 shares of the company’s stock valued at $13,114,000 after buying an additional 24,418 shares in the last quarter. Institutional investors and hedge funds own 81.68% of the company’s stock.

Shares of Fastenal Company (FAST) traded down 2.24% during midday trading on Friday, hitting $40.68. 3,385,360 shares of the stock traded hands. The firm’s 50-day moving average is $43.10 and its 200 day moving average is $46.24. The company has a market capitalization of $11.71 billion, a price-to-earnings ratio of 22.39 and a beta of 0.98. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $0.46 EPS. Equities analysts forecast that Fastenal Company will post $1.92 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 3.15%. Fastenal’s payout ratio is 70.33%.

Fastenal announced that its Board of Directors has approved a stock repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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Several analysts have issued reports on the stock. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Thursday, August 3rd. Morgan Stanley restated an “equal weight” rating and issued a $46.00 price target (down from $50.00) on shares of Fastenal in a research report on Monday, June 12th. Credit Suisse Group set a $52.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Finally, Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $50.14.

In other Fastenal news, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Holden Lewis purchased 1,000 shares of the stock in a transaction on Thursday, May 25th. The shares were purchased at an average price of $43.76 per share, with a total value of $43,760.00. Following the acquisition, the chief financial officer now owns 1,000 shares in the company, valued at approximately $43,760. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 3,600 shares of company stock valued at $154,256. Company insiders own 0.55% of the company’s stock.

About Fastenal

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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