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

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

Fastenal Trading Up 2.0%

NASDAQ:FAST opened at $51.84 on Friday. The firm has a market capitalization of $59.49 billion, a P/E ratio of 43.93, a P/E/G ratio of 3.17 and a beta of 0.72. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $51.90. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average of $46.87 and a 200 day moving average of $45.83.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. Fastenal’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. On average, research analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Institutional Investors Weigh In On Fastenal

Several hedge funds and other institutional investors have recently made changes to their positions in FAST. BlackRock Inc. bought a new stake in shares of Fastenal in the second quarter worth about $5,105,454,000. State Street Corp increased its position in Fastenal by 1.2% in the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after purchasing an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Fastenal by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after purchasing an additional 919,158 shares in the last quarter. Geode Capital Management LLC lifted its position in Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on FAST. Barclays cut their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Bank of America increased their price target on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. DA Davidson reaffirmed a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.17.

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.