Parthenon LLC Buys 561 Shares of Fastenal (NASDAQ:FAST)

Parthenon LLC grew its stake in Fastenal (NASDAQ:FAST) by 0.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 272,598 shares of the company’s stock after acquiring an additional 561 shares during the quarter. Fastenal accounts for 2.3% of Parthenon LLC’s holdings, making the stock its 12th biggest position. Parthenon LLC’s holdings in Fastenal were worth $19,469,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Aaron Wealth Advisors LLC acquired a new position in Fastenal in the third quarter valued at about $310,000. Cetera Investment Advisers lifted its stake in Fastenal by 499.7% in the 1st quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock valued at $10,186,000 after acquiring an additional 110,027 shares in the last quarter. M&G Plc acquired a new stake in shares of Fastenal in the first quarter valued at approximately $11,212,000. Wealth Enhancement Advisory Services LLC lifted its position in Fastenal by 5.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 210,998 shares of the company’s stock worth $13,259,000 after buying an additional 11,436 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Fastenal by 4.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 673,973 shares of the company’s stock valued at $51,990,000 after purchasing an additional 29,086 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Sheryl Ann Lisowski sold 13,567 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $76.19, for a total value of $1,033,669.73. Following the transaction, the chief accounting officer now directly owns 5,096 shares of the company’s stock, valued at $388,264.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,079 shares of company stock valued at $16,563,600 over the last quarter. 0.41% of the stock is owned by company insiders.

Fastenal Stock Performance

Fastenal stock traded up $0.60 during midday trading on Wednesday, hitting $84.10. The company’s stock had a trading volume of 271,223 shares, compared to its average volume of 3,310,432. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The company has a market cap of $48.18 billion, a price-to-earnings ratio of 41.54, a PEG ratio of 4.94 and a beta of 0.99. Fastenal has a 1-year low of $59.47 and a 1-year high of $84.88. The company has a 50-day moving average price of $73.61 and a two-hundred day moving average price of $68.83.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. As a group, sell-side analysts predict that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Wall Street Analyst Weigh In

FAST has been the subject of several analyst reports. Stephens raised their target price on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Morgan Stanley boosted their price target on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 target price (up from $80.00) on shares of Fastenal in a report on Monday, October 14th. JPMorgan Chase & Co. raised their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Finally, Robert W. Baird increased their price objective on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $73.33.

About Fastenal

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.