Fastenal Company (NASDAQ:FAST) announced a quarterly dividend on Tuesday, October 10th, RTT News reports. Investors of record on Wednesday, October 25th will be given a dividend of 0.32 per share on Wednesday, November 22nd. This represents a $1.28 annualized dividend and a yield of 2.64%. The ex-dividend date is Tuesday, October 24th.

Fastenal has increased its dividend payment by an average of 14.5% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Fastenal has a dividend payout ratio of 66.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fastenal to earn $2.12 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 60.4%.

Shares of Fastenal (FAST) opened at 48.45 on Thursday. The company has a 50-day moving average of $44.65 and a 200 day moving average of $44.20. Fastenal has a 52-week low of $37.88 and a 52-week high of $52.74. The stock has a market cap of $13.92 billion, a P/E ratio of 25.84 and a beta of 1.00.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The firm’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.44 earnings per share. Equities research analysts forecast that Fastenal will post $1.93 EPS for the current fiscal year.

Fastenal declared that its board has approved a share repurchase program on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

In related news, Director Daniel L. Johnson acquired 600 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Joseph Drazkowski acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were bought at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the purchase, the insider now owns 1,960 shares of the company’s stock, valued at $83,025.60. The disclosure for this purchase can be found here. In the last three months, insiders have bought 2,400 shares of company stock valued at $100,450. Corporate insiders own 0.55% of the company’s stock.

FAST has been the subject of a number of research reports. Credit Suisse Group reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Fastenal in a report on Thursday, July 13th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a report on Monday, July 31st. UBS AG raised shares of Fastenal from an “outperform” rating to a “strong-buy” rating in a report on Thursday, July 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 price objective (down previously from $46.00) on shares of Fastenal in a report on Monday, June 26th. Finally, BidaskClub downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. Fastenal presently has a consensus rating of “Buy” and an average target price of $50.80.

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Fastenal Company Profile

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.

Dividend History for Fastenal (NASDAQ:FAST)

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