Fastenal (NASDAQ:FAST) Director Rita Heise Sells 34,964 Shares

Fastenal Company (NASDAQ:FAST) Director Rita Heise sold 34,964 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Fastenal Price Performance

FAST opened at $50.80 on Friday. The stock’s 50 day simple moving average is $46.72 and its 200 day simple moving average is $45.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.91. The firm has a market cap of $58.29 billion, a price-to-earnings ratio of 43.05, a PEG ratio of 3.13 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.29 EPS. As a group, analysts predict that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal’s payout ratio is presently 88.14%.

Institutional Trading of Fastenal

Large investors have recently added to or reduced their stakes in the stock. Wiregrass Investment Management LLC purchased a new stake in Fastenal in the fourth quarter worth about $1,020,000. LBP AM SA increased its stake in shares of Fastenal by 11.8% during the fourth quarter. LBP AM SA now owns 232,847 shares of the company’s stock valued at $9,344,000 after purchasing an additional 24,536 shares in the last quarter. Swiss Life Asset Management Ltd lifted its holdings in shares of Fastenal by 2.7% during the fourth quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after purchasing an additional 39,406 shares during the last quarter. Fideuram Asset Management Ireland dac purchased a new position in shares of Fastenal during the fourth quarter valued at approximately $4,041,000. Finally, National Pension Service boosted its position in shares of Fastenal by 2.9% in the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock worth $64,362,000 after purchasing an additional 45,260 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FAST. Wolfe Research reissued an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research report on Thursday, July 9th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Barclays lowered their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Weiss Ratings lowered shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Company Profile

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.