Provident Investment Management Lowers stake in Fastenal Company (FAST)

Fastenal Company (FAST) : Provident Investment Management reduced its stake in Fastenal Company by 0.96% during the most recent quarter end. The investment management company now holds a total of 562,223 shares of Fastenal Company which is valued at $24,422,967 after selling 5,430 shares in Fastenal Company , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Fastenal Company makes up approximately 4.79% of Provident Investment Management’s portfolio.

Other Hedge Funds, Including , Penserra Capital Management boosted its stake in FAST in the latest quarter, The investment management firm added 12,265 additional shares and now holds a total of 13,431 shares of Fastenal Company which is valued at $583,443. Fastenal Company makes up approx 0.08% of Penserra Capital Management’s portfolio.Financial Investment Management Group Ltd reduced its stake in FAST by selling 4,130 shares or 13.92% in the most recent quarter. The Hedge Fund company now holds 25,544 shares of FAST which is valued at $1,092,006. Fastenal Company makes up approx 0.31% of Financial Investment Management Group Ltd’s portfolio.Naples Global Advisors reduced its stake in FAST by selling 2,250 shares or 18.19% in the most recent quarter. The Hedge Fund company now holds 10,120 shares of FAST which is valued at $438,196. Fastenal Company makes up approx 0.18% of Naples Global Advisors’s portfolio.

Fastenal Company opened for trading at $43.62 and hit $43.64 on the upside on Wednesday, eventually ending the session at $43.61, with a gain of 0.30% or 0.13 points. The heightened volatility saw the trading volume jump to 12,21,462 shares. Company has a market cap of $12,602 M.

On the company’s financial health, Fastenal Company reported $0.46 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Jul 12, 2016. Analyst had a consensus of $0.48. The company had revenue of $1014.30 million for the quarter, compared to analysts expectations of $1023.17 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS.

Many Wall Street Analysts have commented on Fastenal Company. Morgan Stanley Initiated Fastenal Company on Jul 7, 2016 to “Equal-Weight”, Price Target of the shares are set at $46.Fastenal Company was Resumed by Credit Suisse to “Neutral” on Jun 17, 2016.

Fastenal Company sells industrial and construction supplies to end-users (business-to-business) and also has some walk-in retail business. The Company’s product offerings include fasteners and other industrial and construction supplies many of which are sold under the Fastenal product name. The Company’s product line which it refers to as the fastener product line consists of two categories: threaded fasteners such as bolts nuts screws studs and related washers and miscellaneous supplies and hardware such as various pins and machinery keys concrete anchors metal framing systems wire rope strut rivets and related accessories. The Company’s product line includes fasteners cutting tools tools hydraulics and pneumatics material handling janitorial supplies electrical supplies welding supplies safety supplies metals direct ship and office supplies. It operates approximately 14 distribution centers in North America.

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