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

Parr Mcknight Wealth Management Group LLC grew its holdings in Fastenal Company (NASDAQ:FAST) by 106.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 74,859 shares of the company’s stock after acquiring an additional 38,666 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Fastenal were worth $3,473,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Paradiem LLC boosted its holdings in shares of Fastenal by 1.3% in the 1st quarter. Paradiem LLC now owns 286,526 shares of the company’s stock worth $13,295,000 after purchasing an additional 3,627 shares during the period. Procyon Advisors LLC raised its holdings in Fastenal by 3.5% during the 1st quarter. Procyon Advisors LLC now owns 7,933 shares of the company’s stock valued at $368,000 after buying an additional 270 shares during the period. LGT Fund Management Co Ltd. raised its holdings in Fastenal by 175.5% during the 1st quarter. LGT Fund Management Co Ltd. now owns 205,150 shares of the company’s stock valued at $9,519,000 after buying an additional 130,676 shares during the period. International Assets Investment Management LLC lifted its position in Fastenal by 5.5% in the first quarter. International Assets Investment Management LLC now owns 9,284 shares of the company’s stock worth $433,000 after buying an additional 483 shares during the last quarter. Finally, Diversify Wealth Management LLC bought a new stake in Fastenal in the first quarter worth $288,000. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Performance

NASDAQ FAST opened at $46.49 on Monday. The stock has a market cap of $53.37 billion, a PE ratio of 40.78, a PEG ratio of 2.94 and a beta of 0.72. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. The company’s 50-day moving average price is $45.55 and its 200-day moving average price is $45.05. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities research analysts forecast that Fastenal Company will post 1.24 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost 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 84.21%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FAST. Wolfe Research reiterated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday. Morgan Stanley set a $48.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a report on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Sanford C. Bernstein reiterated an “underperform” rating and set a $42.00 price target on shares of Fastenal in a report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $47.75.

About Fastenal

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.