Parr Mcknight Wealth Management Group LLC Purchases 38,666 Shares of Fastenal Company $FAST

Key Points

• Parr Mcknight Wealth Management Group LLC boosted its Fastenal stake by 106.8% in the first quarter, buying 38,666 additional shares and bringing its total holdings to 74,859 shares valued at about $3.47 million.
• Fastenal reported quarterly earnings of $0.30 per share, matching analyst expectations, while revenue came in at $2.20 billion, slightly above estimates and up 12.4% from a year earlier.
• The company raised its quarterly dividend to $0.26 per share from $0.24, and analysts currently rate the stock a consensus Hold with an average price target of $47.75.

Parr Mcknight Wealth Management Group LLC lifted its position in Fastenal Company (NASDAQ:FAST - Free Report) by 106.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,859 shares of the company's stock after buying an additional 38,666 shares during the period. Parr Mcknight Wealth Management Group LLC's holdings in Fastenal were worth $3,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Palladiem LLC bought a new position in Fastenal in the fourth quarter valued at about $25,000. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in shares of Fastenal during the 4th quarter valued at about $29,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Fastenal during the 3rd quarter valued at about $36,000. Finally, Field & Main Bank purchased a new stake in shares of Fastenal during the 4th quarter valued at about $30,000. Institutional investors own 81.38% of the company's stock.

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Fastenal Price Performance

FAST opened at $46.49 on Monday. The stock has a market cap of $53.37 billion, a price-to-earnings ratio of 40.78, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. 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 firm's fifty day moving average is $45.55 and its 200 day moving average is $45.05. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.30. The business 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 for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 EPS. On average, sell-side analysts forecast that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's dividend payout ratio is currently 84.21%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FAST shares. DA Davidson assumed coverage on shares of Fastenal in a report on Tuesday, June 16th. They issued a "neutral" rating and a $46.00 price objective on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a research report on Thursday, June 4th. Wolfe Research reiterated an "underperform" rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday. Sanford C. Bernstein reissued an "underperform" rating and set a $42.00 price objective on shares of Fastenal in a research report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. upped their price objective on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $47.75.

Fastenal Company 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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