It has been a while since I sold any stock.
Today I have sold the Fastenal Co. stocks I owned. It is still a relatively new stock in my portfolio. I bought these stocks in Aug 2015. After selling the stock, I booked an approx. 42% profit.
Frankly, I do not enjoy selling any stocks. However given the run up in the US market, I reckon it would be prudent to trim down my stock holding and increase my cash holdings.
The stock price of Fasternal itself has been on a tear over the past three months plus.
Fastenal shares spike after earnings, hit 52-week high (read here)
The P/E TTM of Fasternal is 29.59, slightly over the stock PE 5 yrs average. Not particularly high, but not cheap either. 2015 and 2016 are not exactly great years for this company.
The good quarterly earning is a welcome change from …Read the full article →