Fastenal Company $FAST Position Lowered by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC reduced its stake in shares of Fastenal Company (NASDAQ:FAST) by 83.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,530 shares of the company’s stock after selling 64,833 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Fastenal were worth $621,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Fastenal in the 2nd quarter valued at approximately $5,105,454,000. Caisse de depot et placement du Quebec acquired a new position in Fastenal during the 2nd quarter valued at $39,417,000. Baird Financial Group Inc. lifted its stake in shares of Fastenal by 1.2% in the second quarter. Baird Financial Group Inc. now owns 15,561,007 shares of the company’s stock valued at $747,395,000 after buying an additional 183,238 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Fastenal by 0.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 10,347,343 shares of the company’s stock worth $496,983,000 after purchasing an additional 50,335 shares in the last quarter. Finally, CX Institutional boosted its stake in Fastenal by 1,073.1% during the third quarter. CX Institutional now owns 203,749 shares of the company’s stock worth $10,092,000 after buying an additional 186,381 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on FAST shares. William Blair reissued an “outperform” rating on shares of Fastenal in a report on Friday, September 4th. Argus raised their price target on Fastenal from $55.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Barclays lowered their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Morgan Stanley boosted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Finally, Robert W. Baird lifted their price objective on Fastenal from $59.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, October 15th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $51.46.

Fastenal Trading Up 1.7%

Shares of Fastenal stock opened at $53.21 on Thursday. The business’s 50 day moving average is $50.58 and its 200-day moving average is $47.34. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $53.86. The stock has a market cap of $61.05 billion, a P/E ratio of 42.91, a P/E/G ratio of 3.13 and a beta of 0.66. The company has a quick ratio of 2.11, a current ratio of 3.93 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.44 billion. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. Fastenal’s revenue was up 15.5% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. Equities research analysts predict that Fastenal Company will post 1.27 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, October 28th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, October 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is 83.87%.

Fastenal Profile

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.