Kornitzer Capital Management Inc. KS Boosts Stock Holdings in Fastenal Company $FAST

Kornitzer Capital Management Inc. KS raised its stake in Fastenal Company (NASDAQ:FAST) by 49.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 169,321 shares of the company’s stock after acquiring an additional 56,070 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Fastenal were worth $7,856,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FAST. State Street Corp grew its position in shares of Fastenal by 1.2% during the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock valued at $2,196,502,000 after purchasing an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock worth $1,898,031,000 after purchasing an additional 919,158 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock worth $1,508,216,000 after buying an additional 685,047 shares in the last quarter. Invesco Ltd. lifted its position in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after buying an additional 2,242,116 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Fastenal in the fourth quarter worth about $646,046,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FAST shares. JPMorgan Chase & Co. raised their price target on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Morgan Stanley set a $48.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Bank of America raised their target price on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Finally, DA Davidson started coverage on shares of Fastenal in a research report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $47.75.

Fastenal Trading Up 0.3%

Shares of NASDAQ:FAST traded up $0.14 during trading on Friday, reaching $46.49. The company’s stock had a trading volume of 7,590,310 shares, compared to its average volume of 6,944,334. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. The firm’s 50 day simple moving average is $45.55 and its two-hundred day simple moving average is $45.02. The stock has a market capitalization of $53.37 billion, a PE ratio of 40.78, a price-to-earnings-growth ratio of 2.93 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the business posted $0.52 earnings per share. The firm’s revenue was up 12.4% on a year-over-year basis. On average, research analysts predict that Fastenal Company will post 1.24 EPS for the current fiscal year.

Fastenal Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.