Fastenal (NASDAQ:FAST) CEO Daniel L. Florness Sells 45,744 Shares of Stock

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Fastenal Price Performance

Fastenal stock opened at $67.51 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The business has a 50 day simple moving average of $66.07 and a 200-day simple moving average of $68.87. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The stock has a market capitalization of $38.65 billion, a PE ratio of 33.59, a price-to-earnings-growth ratio of 3.65 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the company posted $0.52 EPS. Fastenal’s revenue was up 1.8% compared to the same quarter last year. Equities analysts predict that Fastenal will post 2.05 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, July 26th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.31%. Fastenal’s dividend payout ratio is currently 77.61%.

Institutional Investors Weigh In On Fastenal

A number of hedge funds have recently added to or reduced their stakes in FAST. Central Valley Advisors LLC purchased a new stake in shares of Fastenal during the 2nd quarter worth $28,000. MCF Advisors LLC lifted its stake in shares of Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares during the period. Triad Wealth Partners LLC purchased a new stake in Fastenal during the second quarter worth about $32,000. Crewe Advisors LLC grew its position in Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares during the period. Finally, OFI Invest Asset Management purchased a new position in Fastenal in the second quarter valued at about $35,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Jefferies Financial Group cut their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Stephens reiterated an “equal weight” rating and set a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Finally, Robert W. Baird dropped their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and an average target price of $66.67.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.