Fastenal Company $FAST Shares Sold by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC decreased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 38.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 36,193 shares of the company’s stock after selling 22,908 shares during the quarter. Parr Mcknight Wealth Management Group LLC’s holdings in Fastenal were worth $1,452,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FAST. Vanguard Group Inc. grew its stake in shares of Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after buying an additional 2,346,045 shares in the last quarter. National Pension Service grew its stake in shares of Fastenal by 3.6% in the third quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after buying an additional 53,888 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Fastenal by 1.2% in the third quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company’s stock valued at $362,282,000 after buying an additional 90,095 shares in the last quarter. BlueStem Wealth Partners LLC acquired a new stake in shares of Fastenal in the third quarter valued at $634,000. Finally, Arjuna Capital acquired a new stake in shares of Fastenal in the third quarter valued at $3,999,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FAST. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $42.00 price objective on shares of Fastenal in a research note on Tuesday, April 14th. Bank of America lifted their price objective on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, Raymond James Financial set a $48.00 target price on Fastenal in a report on Thursday, March 5th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and an average price target of $49.77.

Fastenal Stock Performance

NASDAQ:FAST opened at $44.20 on Monday. The firm has a market cap of $50.74 billion, a PE ratio of 38.77, a price-to-earnings-growth ratio of 2.82 and a beta of 0.73. The stock has a fifty day moving average price of $44.96 and a 200 day moving average price of $43.85. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. 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 (NASDAQ:FAST) last released its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.Fastenal’s revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. Sell-side analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were issued a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is 84.21%.

Insider Transactions at Fastenal

In related news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.28% of the company’s stock.

About Fastenal

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.