RK Asset Management LLC Sells 9,066 Shares of Fastenal (NASDAQ:FAST)

RK Asset Management LLC trimmed its position in shares of Fastenal (NASDAQ:FAST) by 12.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,977 shares of the company’s stock after selling 9,066 shares during the period. Fastenal makes up approximately 3.6% of RK Asset Management LLC’s holdings, making the stock its 17th largest holding. RK Asset Management LLC’s holdings in Fastenal were worth $4,457,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in Fastenal by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 49,199 shares of the company’s stock valued at $3,092,000 after purchasing an additional 301 shares in the last quarter. Founders Financial Securities LLC boosted its stake in Fastenal by 92.1% in the second quarter. Founders Financial Securities LLC now owns 6,789 shares of the company’s stock worth $427,000 after purchasing an additional 3,254 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Fastenal by 8.9% in the second quarter. Victory Capital Management Inc. now owns 1,096,862 shares of the company’s stock valued at $68,927,000 after buying an additional 89,351 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in Fastenal by 6.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 5,100 shares of the company’s stock worth $320,000 after buying an additional 325 shares in the last quarter. Finally, Private Advisor Group LLC grew its holdings in Fastenal by 3.7% during the 2nd quarter. Private Advisor Group LLC now owns 89,875 shares of the company’s stock worth $5,648,000 after acquiring an additional 3,186 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other news, CFO Holden Lewis sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.52, for a total value of $2,295,600.00. Following the transaction, the chief financial officer now owns 9,881 shares of the company’s stock, valued at approximately $756,094.12. This represents a 75.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel L. Florness sold 31,818 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $84.50, for a total value of $2,688,621.00. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $24,168,521. This trade represents a 10.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 158,289 shares of company stock worth $12,639,438 over the last 90 days. Company insiders own 0.41% of the company’s stock.

Fastenal Stock Up 0.8 %

Shares of NASDAQ:FAST traded up $0.58 during midday trading on Friday, reaching $71.69. The company had a trading volume of 2,470,691 shares, compared to its average volume of 2,297,045. The stock has a market cap of $41.07 billion, a PE ratio of 35.67, a P/E/G ratio of 4.69 and a beta of 1.00. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. Fastenal has a 1-year low of $61.33 and a 1-year high of $84.88. The business’s 50 day moving average price is $79.23 and its 200 day moving average price is $72.24.

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

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, October 25th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, October 25th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Stifel Nicolaus downgraded Fastenal from a “buy” rating to a “hold” rating and set a $86.00 price objective on the stock. in a report on Wednesday, December 11th. HSBC lowered shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price for the company. in a report on Wednesday, December 11th. Stephens raised their price objective on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Hsbc Global Res cut Fastenal from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 11th. Finally, UBS Group began coverage on shares of Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $77.40.

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.