Fastenal Stock to Split on Thursday, May 22nd (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) shares are going to split on the morning of Thursday, May 22nd. The 2-1 split was announced on Wednesday, April 23rd. The newly minted shares will be issued to shareholders after the market closes on Wednesday, May 21st.

Fastenal Stock Up 1.4%

Shares of Fastenal stock opened at $83.03 on Friday. The firm has a market cap of $47.63 billion, a price-to-earnings ratio of 41.31, a P/E/G ratio of 3.58 and a beta of 1.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28. Fastenal has a 52-week low of $61.36 and a 52-week high of $84.88. The stock has a 50-day simple moving average of $78.33 and a 200-day simple moving average of $77.45.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.94 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. Fastenal’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 earnings per share. On average, equities research analysts expect that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, April 25th. This is an increase from Fastenal’s previous quarterly dividend of $0.43. This represents a $1.76 dividend on an annualized basis and a yield of 2.12%. Fastenal’s dividend payout ratio is presently 87.56%.

Analyst Ratings Changes

A number of research firms recently issued reports on FAST. Stephens increased their target price on Fastenal from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 15th. Wolfe Research raised Fastenal from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Stifel Nicolaus dropped their target price on Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. William Blair raised Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Finally, Robert W. Baird lifted their target price on Fastenal from $80.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $79.10.

Insider Buying and Selling at Fastenal

In related news, EVP Anthony Paul Broersma sold 5,568 shares of the firm’s stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $81.19, for a total transaction of $452,065.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP William Joseph Drazkowski sold 15,000 shares of Fastenal stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $81.31, for a total value of $1,219,650.00. Following the completion of the sale, the executive vice president now owns 5,997 shares in the company, valued at approximately $487,616.07. This represents a 71.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 80,238 shares of company stock valued at $6,546,578 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of large investors have recently made changes to their positions in FAST. Hennion & Walsh Asset Management Inc. grew its holdings in Fastenal by 7.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 32,012 shares of the company’s stock valued at $2,302,000 after purchasing an additional 2,341 shares during the period. Carnegie Investment Counsel boosted its stake in Fastenal by 5.3% during the fourth quarter. Carnegie Investment Counsel now owns 5,111 shares of the company’s stock valued at $368,000 after buying an additional 256 shares during the last quarter. Procyon Advisors LLC boosted its stake in Fastenal by 1.7% during the fourth quarter. Procyon Advisors LLC now owns 12,050 shares of the company’s stock valued at $867,000 after buying an additional 199 shares during the last quarter. Avanza Fonder AB purchased a new stake in Fastenal during the fourth quarter valued at approximately $4,187,000. Finally, Merit Financial Group LLC raised its position in Fastenal by 18.3% during the fourth quarter. Merit Financial Group LLC now owns 138,187 shares of the company’s stock valued at $9,937,000 after purchasing an additional 21,413 shares during the period. 81.38% of the stock is currently owned by institutional investors.

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.