Kornitzer Capital Management Inc. KS Has $2.69 Million Position in Fastenal Company $FAST

Kornitzer Capital Management Inc. KS boosted its stake in Fastenal Company (NASDAQ:FAST) by 98.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 64,084 shares of the company’s stock after purchasing an additional 31,828 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Fastenal were worth $2,692,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC acquired a new stake in shares of Fastenal in the 4th quarter valued at about $496,000. GAMMA Investing LLC boosted its holdings in Fastenal by 11.4% in the first quarter. GAMMA Investing LLC now owns 21,847 shares of the company’s stock worth $1,694,000 after acquiring an additional 2,240 shares in the last quarter. Golden State Wealth Management LLC grew its stake in Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company’s stock valued at $58,000 after acquiring an additional 736 shares during the period. Perigon Wealth Management LLC increased its holdings in shares of Fastenal by 223.0% during the first quarter. Perigon Wealth Management LLC now owns 9,715 shares of the company’s stock valued at $753,000 after acquiring an additional 6,707 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of Fastenal by 45.6% during the first quarter. Sequoia Financial Advisors LLC now owns 16,023 shares of the company’s stock worth $1,243,000 after purchasing an additional 5,015 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Trading Down 0.3%

Shares of FAST stock opened at $42.87 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The company has a market capitalization of $49.22 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 3.91 and a beta of 0.94. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a 50-day simple moving average of $47.27 and a two-hundred day simple moving average of $44.29.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 EPS. Research analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Analysts Set New Price Targets

FAST has been the subject of a number of recent research reports. Loop Capital restated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Robert W. Baird reduced their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Thursday, July 3rd. Northcoast Research initiated coverage on shares of Fastenal in a research report on Thursday, August 21st. They issued a “neutral” rating on the stock. Finally, Barclays set a $45.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus target price of $46.50.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction on Thursday, October 16th. The stock was bought at an average price of $42.45 per share, for a total transaction of $42,450.00. Following the completion of the purchase, the director owned 9,000 shares of the company’s stock, valued at approximately $382,050. The trade was a 12.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 90,178 shares of company stock valued at $4,336,603. 0.37% of the stock is currently owned by company insiders.

Fastenal Company 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.