Kornitzer Capital Management Inc. KS Sells 19,647 Shares of Fastenal (NASDAQ:FAST)

Kornitzer Capital Management Inc. KS decreased its holdings in Fastenal (NASDAQ:FAST) by 13.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 127,197 shares of the company’s stock after selling 19,647 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Fastenal were worth $7,993,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Penobscot Investment Management Company Inc. grew its stake in shares of Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock valued at $1,030,000 after buying an additional 150 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Fastenal by 0.8% in the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock worth $1,237,000 after purchasing an additional 152 shares during the last quarter. Sara Bay Financial increased its stake in shares of Fastenal by 1.3% in the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after buying an additional 155 shares during the period. Team Hewins LLC raised its holdings in Fastenal by 4.8% during the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock valued at $263,000 after buying an additional 157 shares during the last quarter. Finally, Bleakley Financial Group LLC raised its holdings in Fastenal by 2.0% during the 1st quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock valued at $630,000 after buying an additional 159 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stephens restated an “equal weight” rating and set a $56.00 price target on shares of Fastenal in a report on Monday, July 15th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $66.67.

Insider Buying and Selling

In other Fastenal news, Director Hsenghung Sam Hsu acquired 500 shares of the business’s stock in a transaction on Monday, June 10th. The shares were acquired at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now owns 3,500 shares in the company, valued at $221,480. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Hsenghung Sam Hsu bought 500 shares of the company’s stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is owned by company insiders.

Fastenal Price Performance

FAST stock opened at $65.18 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04. The firm has a 50-day moving average of $66.65 and a 200 day moving average of $68.70. The company has a market cap of $37.32 billion, a P/E ratio of 32.43, a PEG ratio of 3.72 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting analysts’ consensus estimates of $0.51. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. On average, sell-side analysts forecast that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is presently 77.61%.

Fastenal Profile

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.