Fastenal Co. (FAST) Sees Large Volume Increase Following Dividend Announcement
Fastenal Co. (NASDAQ:FAST) shares saw unusually-high trading volume on Monday after the company announced a dividend. Approximately 2,858,886 shares traded hands during trading, an increase of 16% from the previous session’s volume of 2,454,400 shares.The stock last traded at $42.36 and had previously closed at $42.30.
The newly announced dividend which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.85%. Fastenal’s dividend payout ratio is 68.57%.
A number of research firms have recently commented on FAST. Zacks Investment Research raised shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Vetr lowered shares of Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price target on the stock. in a research report on Tuesday, September 6th. Wells Fargo & Co. reissued a “hold” rating on shares of Fastenal in a research report on Sunday, September 4th. Macquarie began coverage on shares of Fastenal in a research report on Thursday, August 25th. They issued a “neutral” rating and a $50.00 price target on the stock. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $47.00 price target on shares of Fastenal in a research report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $47.44.
The firm has a 50 day moving average price of $41.86 and a 200-day moving average price of $44.17. The firm has a market cap of $12.17 billion, a PE ratio of 24.07 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 12th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by $0.03. Fastenal had a return on equity of 27.83% and a net margin of 12.91%. The company had revenue of $1.01 billion for the quarter. During the same quarter in the prior year, the company posted $0.48 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts forecast that Fastenal Co. will post $1.74 EPS for the current fiscal year.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Fastenal by 5.2% in the second quarter. Vanguard Group Inc. now owns 27,835,227 shares of the company’s stock worth $1,235,606,000 after buying an additional 1,371,768 shares in the last quarter. Polen Capital Management LLC boosted its stake in shares of Fastenal by 11.9% in the second quarter. Polen Capital Management LLC now owns 7,163,432 shares of the company’s stock worth $317,985,000 after buying an additional 764,398 shares in the last quarter. Kleinwort Benson Investors Dublin Ltd bought a new stake in shares of Fastenal during the second quarter worth about $32,518,000. WBI Investments Inc. bought a new stake in shares of Fastenal during the second quarter worth about $20,362,000. Finally, Cornerstone Capital Management LLC bought a new stake in shares of Fastenal during the second quarter worth about $19,486,000. Institutional investors own 82.12% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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