Parr Mcknight Wealth Management Group LLC Decreases Stock Position in Fastenal Company $FAST

Key Points

• Parr Mcknight Wealth Management Group LLC reduced its Fastenal stake by 38.8% in the fourth quarter, selling 22,908 shares and leaving it with 36,193 shares worth about $1.45 million.
• Fastenal reported quarterly earnings of $0.30 per share, matching analyst expectations, while revenue rose 12.4% year over year to $2.20 billion and slightly topped estimates.
• The company paid a quarterly dividend of $0.24 per share for a 2.2% yield, and analysts currently have a consensus rating of Hold with a price target of $49.77.

Parr Mcknight Wealth Management Group LLC lessened its position in Fastenal Company (NASDAQ:FAST - Free Report) by 38.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC lifted its position in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Founders Capital Management LLC lifted its position in shares of Fastenal by 2.2% in the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company's stock valued at $418,000 after acquiring an additional 228 shares in the last quarter. L2 Asset Management LLC lifted its position in shares of Fastenal by 4.8% in the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company's stock valued at $264,000 after acquiring an additional 248 shares in the last quarter. Redmond Asset Management LLC lifted its position in shares of Fastenal by 0.3% in the fourth quarter. Redmond Asset Management LLC now owns 100,206 shares of the company's stock valued at $4,021,000 after acquiring an additional 258 shares in the last quarter. Finally, KLCM Advisors Inc. lifted its position in shares of Fastenal by 0.8% in the third quarter. KLCM Advisors Inc. now owns 33,800 shares of the company's stock valued at $1,658,000 after acquiring an additional 260 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

NASDAQ:FAST opened at $44.20 on Monday. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The stock has a market cap of $50.74 billion, a PE ratio of 38.77, a P/E/G ratio of 2.82 and a beta of 0.73. The stock has a 50 day moving average price of $44.96 and a 200 day moving average price of $43.85.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.19 billion. During the same quarter last year, the firm earned $0.52 earnings per share. The business's revenue for the quarter was up 12.4% on a year-over-year basis. Equities research analysts expect that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.2%. Fastenal's dividend payout ratio (DPR) is 84.21%.

Analyst Upgrades and Downgrades

FAST has been the topic of several research reports. Raymond James Financial set a $48.00 target price on Fastenal in a research report on Thursday, March 5th. JPMorgan Chase & Co. increased 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 reaffirmed a "positive" rating and issued a $45.00 price target on shares of Fastenal in a report on Thursday, March 5th. Robert W. Baird cut their price target on Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 14th. Finally, Benchmark reaffirmed a "buy" rating on shares of Fastenal in a report on Thursday, March 5th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and a consensus price target of $49.77.

Insider Transactions at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares of the company's stock, valued at $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.28% of the stock is currently owned by company insiders.

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.

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