Key Points
- Fastenal director Rita Heise sold 34,964 shares for approximately $1.75 million at an average price of $50.05, reducing her direct ownership by 63.61% to 20,000 shares.
- Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, and earnings of $0.33 per share, in line with analyst estimates.
- The company raised its quarterly dividend to $0.26 per share, or $1.04 annually, representing a 2.0% yield; analysts maintain a consensus “Hold” rating with an average price target of $48.83.
Fastenal Company (NASDAQ:FAST - Get Free Report) Director Rita Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was 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 in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Fastenal Price Performance
Shares of NASDAQ:FAST opened at $50.80 on Friday. The business has a fifty day moving average price of $46.72 and a 200-day moving average price of $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. The company has a market capitalization of $58.29 billion, a PE ratio of 43.05, a PEG ratio of 3.13 and a beta of 0.72. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.91.
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, hitting analysts' consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company had revenue of $2.39 billion for the quarter, compared to analysts' expectations of $2.34 billion. During the same quarter in the previous year, the business posted $0.29 EPS. Fastenal's revenue was up 14.7% compared to the same quarter last year. As a group, equities analysts expect that Fastenal Company will post 1.25 EPS for the current fiscal year.
Fastenal Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders 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 a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's dividend payout ratio is presently 88.14%.
Institutional Trading of Fastenal
A number of institutional investors have recently made changes to their positions in FAST. State Street Corp grew its stake in shares of 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 acquiring an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. lifted its position 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 during the period. 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 period. 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 period. Finally, Bank of New York Mellon Corp purchased a new stake in Fastenal in the second quarter worth approximately $859,310,000. Hedge funds and other institutional investors own 81.38% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, April 9th. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the company a "buy" rating in a research note on Monday, July 13th. Morgan Stanley lifted their target price on Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Finally, Wolfe Research restated an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Five research 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. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and an average price target of $48.83.
Check Out Our Latest Research Report on Fastenal
Fastenal Company Profile
(
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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