Fastenal (NASDAQ:FAST) CEO Sells $3,484,000.00 in Stock

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Fastenal Stock Down 0.2 %

FAST stock opened at $70.47 on Thursday. Fastenal has a twelve month low of $53.83 and a twelve month high of $79.04. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The stock has a market cap of $40.35 billion, a P/E ratio of 35.06, a PEG ratio of 3.78 and a beta of 1.01. The business’s 50-day moving average price is $67.80 and its 200-day moving average price is $68.50.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm 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 firm earned $0.52 EPS. The business’s quarterly revenue was up 1.8% on a year-over-year basis. On average, equities research analysts forecast that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors 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 dividend payout ratio is presently 77.61%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. MCF Advisors LLC lifted its holdings in Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares in the last quarter. Central Valley Advisors LLC purchased a new position in Fastenal in the 2nd quarter worth approximately $28,000. LRI Investments LLC purchased a new position in Fastenal in the 1st quarter worth approximately $39,000. Triad Wealth Partners LLC purchased a new position in Fastenal in the 2nd quarter worth approximately $32,000. Finally, Crewe Advisors LLC lifted its holdings in Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Fastenal Company Profile

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.