Fastenal (NASDAQ:FAST) Stake Decreased by KG&L Capital Management LLC

KG&L Capital Management LLC decreased its holdings in Fastenal (NASDAQ:FAST) by 37.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,182 shares of the company’s stock after selling 1,905 shares during the quarter. KG&L Capital Management LLC’s holdings in Fastenal were worth $227,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. ProShare Advisors LLC increased its stake in Fastenal by 497.3% during the 1st quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock valued at $239,083,000 after buying an additional 2,580,478 shares during the period. Marshall Wace LLP lifted its holdings in shares of Fastenal by 4,008.2% in the second quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock valued at $47,522,000 after buying an additional 737,833 shares during the period. Dimensional Fund Advisors LP boosted its stake in Fastenal by 19.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after buying an additional 636,546 shares in the last quarter. Renaissance Technologies LLC bought a new position in Fastenal during the second quarter valued at about $37,659,000. Finally, TD Asset Management Inc grew its holdings in Fastenal by 21.2% during the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after acquiring an additional 569,118 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST opened at $77.82 on Tuesday. The company’s 50 day moving average price is $72.14 and its 200 day moving average price is $68.30. The company has a market capitalization of $44.58 billion, a PE ratio of 38.72, a PEG ratio of 4.58 and a beta of 0.99. Fastenal has a 52 week low of $58.23 and a 52 week high of $79.04. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. Research analysts expect that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.00%. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Transactions at Fastenal

In related news, insider William Joseph Drazkowski sold 16,362 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total value of $1,270,509.30. Following the completion of the sale, the insider now directly owns 5,997 shares in the company, valued at approximately $465,667.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fastenal news, EVP Anthony Paul Broersma sold 680 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William Joseph Drazkowski sold 16,362 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total value of $1,270,509.30. Following the transaction, the insider now owns 5,997 shares of the company’s stock, valued at approximately $465,667.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 190,261 shares of company stock worth $13,874,979. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Bank of America started coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective for the company. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Robert W. Baird upped their target price on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley upped their price objective on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $73.33.

About Fastenal

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.