Parr Mcknight Wealth Management Group LLC Sells 64,833 Shares of Fastenal Company $FAST

Parr Mcknight Wealth Management Group LLC reduced its holdings in Fastenal Company (NASDAQ:FAST) by 83.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and 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 filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Fastenal in the second quarter valued at about $5,105,454,000. State Street Corp boosted its holdings in Fastenal by 1.6% in the second quarter. State Street Corp now owns 56,438,968 shares of the company’s stock valued at $2,710,764,000 after purchasing an additional 869,793 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Fastenal during the second quarter worth about $859,310,000. Bank of America Corp DE increased its position in shares of Fastenal by 12.0% in the 1st quarter. Bank of America Corp DE now owns 16,292,425 shares of the company’s stock valued at $755,969,000 after purchasing an additional 1,744,193 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of Fastenal by 1.2% in the 2nd quarter. Baird Financial Group Inc. now owns 15,561,007 shares of the company’s stock valued at $747,395,000 after acquiring an additional 183,238 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $53.21 on Thursday. The company has a current ratio of 3.93, a quick ratio of 2.11 and a debt-to-equity ratio of 0.01. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $53.86. The business has a 50 day simple moving average of $50.58 and a 200-day simple moving average of $47.34. The company has a market capitalization of $61.05 billion, a price-to-earnings ratio of 42.91, a price-to-earnings-growth ratio of 3.13 and a beta of 0.66.

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

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, October 28th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, October 28th. Fastenal’s dividend payout ratio is presently 83.87%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FAST shares. DA Davidson set a $51.00 target price on Fastenal and gave the stock a “neutral” rating in a research report on Tuesday, October 13th. Argus boosted their target price on Fastenal from $55.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. Sanford C. Bernstein reiterated an “underperform” rating and issued a $47.00 price target (up from $42.00) on shares of Fastenal in a report on Thursday, October 15th. Morgan Stanley lifted their price objective on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Finally, William Blair reiterated an “outperform” rating on shares of Fastenal in a research report on Friday, September 4th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $51.46.

Fastenal Company 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.