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

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 sale, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. This represents a 63.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Fastenal Stock Performance

Shares of NASDAQ FAST traded up $0.81 during trading on Thursday, hitting $50.80. The company had a trading volume of 9,085,279 shares, compared to its average volume of 8,135,342. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.91. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm has a market capitalization of $58.29 billion, a P/E ratio of 43.05, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. The stock has a 50 day simple moving average of $46.60 and a 200 day simple moving average of $45.73.

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

Fastenal Increases Dividend

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

Institutional Trading of Fastenal

Several hedge funds have recently bought and sold shares of FAST. Flputnam Investment Management Co. bought a new position in shares of Fastenal during the 2nd quarter valued at about $3,649,000. Global Retirement Partners LLC bought a new stake in shares of Fastenal in the second quarter worth about $632,000. Fielder Capital Group LLC bought a new stake in shares of Fastenal in the second quarter worth about $484,000. Silverlake Wealth Management LLC purchased a new stake in shares of Fastenal in the second quarter worth about $203,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Fastenal in the second quarter worth about $859,310,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings downgraded shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Robert W. Baird decreased their price target on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Bank of America boosted their price objective on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Finally, DA Davidson reiterated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $48.83.

About Fastenal

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.