Fastenal (NASDAQ:FAST) Sees Significant Increase in Short Interest

Fastenal (NASDAQ:FAST) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 14,130,000 shares, a growth of 6.1% from the August 15th total of 13,320,000 shares. Based on an average trading volume of 2,850,000 shares, the short-interest ratio is presently 5.0 days. Currently, 2.5% of the company’s stock are sold short.

Insider Buying and Selling at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Gilbert & Cook Inc. increased its stake in shares of Fastenal by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 6,684 shares of the company’s stock valued at $433,000 after buying an additional 312 shares during the period. Avantax Advisory Services Inc. increased its stake in shares of Fastenal by 7.7% in the fourth quarter. Avantax Advisory Services Inc. now owns 12,978 shares of the company’s stock valued at $841,000 after buying an additional 924 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Fastenal by 0.8% in the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock valued at $1,237,000 after buying an additional 152 shares during the period. Kingsview Wealth Management LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at about $207,000. Finally, Independent Advisor Alliance increased its stake in shares of Fastenal by 4.5% in the fourth quarter. Independent Advisor Alliance now owns 9,602 shares of the company’s stock valued at $622,000 after buying an additional 410 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST stock traded up $0.50 on Tuesday, hitting $70.59. 2,027,759 shares of the company’s stock were exchanged, compared to its average volume of 3,438,131. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The stock has a market cap of $40.42 billion, a P/E ratio of 35.12, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. The company has a 50 day moving average of $67.66 and a 200 day moving average of $68.48.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the prior year, the company earned $0.52 EPS. Fastenal’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities research analysts predict that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a yield of 2.21%. Fastenal’s payout ratio is presently 77.61%.

Analyst Ratings Changes

FAST has been the subject of a number of recent analyst reports. Morgan Stanley initiated coverage on Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price for the company. Stephens reiterated an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Finally, Jefferies Financial Group cut their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $67.43.

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.