Parthenon LLC Grows Stock Position in Fastenal Company $FAST

Key Points

• Parthenon LLC increased its stake in Fastenal Company by 99.6% during Q2, owning 542,000 shares valued at approximately $22.76 million.
• Insider sales recently included John Lewis Soderberg selling 34,612 shares for over $1.66 million, while other executives also reduced their holdings.
• Analysts have provided mixed ratings for Fastenal, with a consensus rating of "Hold" and an average price target of $46.50, despite some upgrades to "strong-buy".

Parthenon LLC boosted its position in Fastenal Company (NASDAQ:FAST - Free Report) by 99.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 542,000 shares of the company's stock after acquiring an additional 270,485 shares during the quarter. Fastenal accounts for approximately 2.6% of Parthenon LLC's portfolio, making the stock its 9th largest holding. Parthenon LLC's holdings in Fastenal were worth $22,764,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FAST. Riverview Trust Co boosted its position in Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after buying an additional 292 shares during the period. Hilltop National Bank purchased a new stake in Fastenal during the second quarter valued at about $27,000. Private Wealth Management Group LLC boosted its position in Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock valued at $27,000 after buying an additional 339 shares during the period. Armstrong Advisory Group Inc. boosted its position in Fastenal by 100.0% during the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock valued at $29,000 after buying an additional 348 shares during the period. Finally, AdvisorNet Financial Inc boosted its position in Fastenal by 95.0% during the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock valued at $29,000 after buying an additional 342 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president owned 11,994 shares of the company's stock, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 90,178 shares of company stock valued at $4,336,603. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FAST shares. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Northcoast Research initiated coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating for the company. Barclays set a $45.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a report on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of Fastenal in a report on Wednesday, October 8th. Finally, Stephens increased their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $46.50.

Fastenal Stock Performance

Shares of FAST opened at $42.46 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.12. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a 50-day simple moving average of $47.83 and a two-hundred day simple moving average of $44.03. The firm has a market capitalization of $48.73 billion, a PE ratio of 39.68, a price-to-earnings-growth ratio of 3.87 and a beta of 0.94.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.13 billion. During the same quarter last year, the business earned $0.26 earnings per share. The business's quarterly revenue was up 11.7% on a year-over-year basis. On average, analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal's dividend payout ratio (DPR) is 82.24%.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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