RK Asset Management LLC cut its holdings in Fastenal (NASDAQ:FAST – Free Report) by 4.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 73,275 shares of the company’s stock after selling 3,437 shares during the quarter. Fastenal makes up 4.0% of RK Asset Management LLC’s portfolio, making the stock its 12th largest position. RK Asset Management LLC’s holdings in Fastenal were worth $4,322,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in FAST. Avalon Trust Co bought a new position in Fastenal in the 1st quarter valued at $29,000. Ridgewood Investments LLC bought a new position in Fastenal in the first quarter valued at about $30,000. New Hampshire Trust acquired a new stake in Fastenal in the fourth quarter worth about $31,000. Resurgent Financial Advisors LLC bought a new stake in Fastenal during the 4th quarter worth about $33,000. Finally, Quarry LP lifted its position in Fastenal by 184.9% during the 1st quarter. Quarry LP now owns 678 shares of the company’s stock valued at $37,000 after purchasing an additional 440 shares during the period. 78.47% of the stock is owned by institutional investors.
Fastenal Trading Up 0.6 %
Shares of NASDAQ FAST traded up $0.35 during midday trading on Thursday, reaching $55.05. 865,734 shares of the stock were exchanged, compared to its average volume of 3,164,927. Fastenal has a 12 month low of $43.73 and a 12 month high of $59.43. The company has a market capitalization of $31.45 billion, a price-to-earnings ratio of 27.77, a P/E/G ratio of 3.10 and a beta of 1.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.26 and a quick ratio of 2.13. The business has a 50-day simple moving average of $57.22 and a two-hundred day simple moving average of $55.26.
Fastenal (NASDAQ:FAST – Get Free Report) last posted its earnings results on Thursday, July 13th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 34.63% and a net margin of 15.52%. The business had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis. As a group, equities research analysts expect that Fastenal will post 1.98 EPS for the current year.
Fastenal Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, July 27th were given a $0.35 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.40 annualized dividend and a dividend yield of 2.54%. Fastenal’s dividend payout ratio is presently 71.07%.
Analyst Ratings Changes
Several equities research analysts have recently commented on the stock. Robert W. Baird lifted their price target on shares of Fastenal from $57.00 to $60.00 in a research report on Friday, July 14th. StockNews.com initiated coverage on shares of Fastenal in a research report on Thursday, August 17th. They set a “hold” rating for the company. Jefferies Financial Group raised their price target on Fastenal from $50.00 to $60.00 in a research report on Friday, June 16th. Finally, Stephens downgraded Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 price objective for the company. in a report on Thursday, July 13th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus price target of $56.67.
Insider Buying and Selling
In other news, Director Reyne K. Wisecup sold 19,564 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $56.78, for a total value of $1,110,843.92. Following the completion of the transaction, the director now owns 20,000 shares in the company, valued at $1,135,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Michael J. Ancius bought 500 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The shares were acquired at an average price of $57.53 per share, with a total value of $28,765.00. Following the transaction, the director now owns 28,765 shares in the company, valued at $1,654,850.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reyne K. Wisecup sold 19,564 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $56.78, for a total transaction of $1,110,843.92. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $1,135,600. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.
Fastenal Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.