Leland J. Hein Sells 10,000 Shares of Fastenal Company (FAST) Stock
Fastenal Company (NASDAQ:FAST) insider Leland J. Hein sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.74, for a total value of $487,400.00. Following the sale, the insider now owns 20,258 shares of the company’s stock, valued at approximately $987,374.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of Fastenal Company (NASDAQ:FAST) opened at 48.39 on Friday. The company has a market cap of $13.91 billion, a P/E ratio of 25.81 and a beta of 1.00. Fastenal Company has a 12-month low of $38.09 and a 12-month high of $52.74. The company has a 50-day moving average price of $44.99 and a 200-day moving average price of $44.21.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.50. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. On average, analysts predict that Fastenal Company will post $1.93 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.65%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is presently 68.09%.
Fastenal declared that its Board of Directors has approved a stock buyback program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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A number of equities research analysts have recently weighed in on FAST shares. Northcoast Research started coverage on Fastenal in a research report on Tuesday, July 25th. They set a “buy” rating and a $54.00 target price for the company. Credit Suisse Group restated a “buy” rating and set a $52.00 target price on shares of Fastenal in a research report on Thursday, July 13th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Thursday, August 3rd. Stephens set a $54.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Wednesday, October 11th. Finally, KeyCorp restated a “buy” rating and set a $52.00 target price on shares of Fastenal in a research report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have given 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.
A number of institutional investors and hedge funds have recently made changes to their positions in FAST. Commonwealth Bank of Australia lifted its holdings in Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after buying an additional 753 shares during the period. Parkside Financial Bank & Trust lifted its holdings in Fastenal by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares during the period. FNY Managed Accounts LLC acquired a new position in Fastenal during the 1st quarter worth about $133,000. Krilogy Financial LLC lifted its holdings in Fastenal by 2.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after buying an additional 70 shares during the period. Finally, CENTRAL TRUST Co lifted its holdings in Fastenal by 13.4% during the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.
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.
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