Alta Capital Management Lowers stake in Fastenal Company (FAST)

Fastenal Company (FAST) : Alta Capital Management reduced its stake in Fastenal Company by 0.16% during the most recent quarter end. The investment management company now holds a total of 943,492 shares of Fastenal Company which is valued at $36,173,483 after selling 1,509 shares in Fastenal Company , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Fastenal Company makes up approximately 2.29% of Alta Capital Management’s portfolio.

Other Hedge Funds, Including , Naples Global Advisors reduced its stake in FAST by selling 3,585 shares or 35.42% in the most recent quarter. The Hedge Fund company now holds 6,535 shares of FAST which is valued at $275,254. Fastenal Company makes up approx 0.11% of Naples Global Advisors’s portfolio.Advisory Services Network boosted its stake in FAST in the latest quarter, The investment management firm added 326 additional shares and now holds a total of 2,359 shares of Fastenal Company which is valued at $99,786. Fastenal Company makes up approx 0.02% of Advisory Services Network’s portfolio.Beacon Financial Group boosted its stake in FAST in the latest quarter, The investment management firm added 1,293 additional shares and now holds a total of 96,072 shares of Fastenal Company which is valued at $4,026,378. Fastenal Company makes up approx 0.85% of Beacon Financial Group’s portfolio. Bath Savings Trust Co sold out all of its stake in FAST during the most recent quarter. The investment firm sold 4,740 shares of FAST which is valued $198,653.

Fastenal Company closed down -2.16 points or -5.13% at $39.96 with 70,69,434 shares getting traded on Tuesday. Post opening the session at $41.69, the shares hit an intraday low of $39.68 and an intraday high of $42.77 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Fastenal Company reported $0.44 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Oct 11, 2016. Analyst had a consensus of $0.45. The company had revenue of $1013.10 million for the quarter, compared to analysts expectations of $1012.46 million. The company’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS.

Many Wall Street Analysts have commented on Fastenal Company. Fastenal Company was Downgraded by Argus to ” Hold” on Oct 14, 2016. Macquarie Initiated Fastenal Company on Aug 26, 2016 to “Neutral”, Price Target of the shares are set at $50.

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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