Key Points
- Director Michael Ancius sold 3,000 Fastenal shares at an average price of $49, generating $147,000. His remaining stake totaled 58,690 shares, a 4.86% reduction.
- Fastenal reported quarterly EPS of $0.33, in line with expectations, while revenue of $2.39 billion exceeded estimates and rose 14.7% year over year.
- The company increased its quarterly dividend to $0.26 per share from $0.24, implying a $1.04 annualized dividend and a 2.2% yield. Analysts’ average rating remains “Hold,” with an average price target of $48.83.
Fastenal Company (NASDAQ:FAST - Get Free Report) Director Michael Ancius sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Fastenal Trading Down 0.7%
FAST opened at $47.78 on Thursday. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The firm has a market capitalization of $54.83 billion, a price-to-earnings ratio of 40.49, a PEG ratio of 3.01 and a beta of 0.72. The company's 50 day moving average price is $46.17 and its two-hundred day moving average price is $45.52.
Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company's revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 EPS. As a group, research analysts predict that Fastenal Company will post 1.25 earnings per share for the current year.
Fastenal Increases Dividend
The firm also recently disclosed 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. 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 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's payout ratio is presently 88.14%.
Hedge Funds Weigh In On Fastenal
A number of hedge funds have recently bought and sold shares of FAST. Evergreen Advisors LLC acquired a new stake in Fastenal during the 1st quarter worth about $26,000. Palladiem LLC acquired a new position in shares of Fastenal in the 4th quarter valued at about $25,000. Elyxium Wealth LLC acquired a new position in shares of Fastenal in the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new stake in shares of Fastenal during the 4th quarter valued at about $29,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of Fastenal during the 3rd quarter valued at about $36,000. Institutional investors own 81.38% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the company. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a "buy" rating in a research report on Monday, July 13th. Weiss Ratings lowered Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Bank of America increased their price target on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Barclays lowered their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $48.83.
Check Out Our Latest Stock Analysis on Fastenal
About Fastenal
(
Get Free Report)
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.
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