Insider Selling: Fastenal (NASDAQ:FAST) Director Sells $1,749,948.20 in Stock

Fastenal Company (NASDAQ:FAST) Director Rita Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Fastenal Price Performance

NASDAQ:FAST opened at $51.84 on Friday. The stock has a 50 day moving average of $46.87 and a two-hundred day moving average of $45.83. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $51.90. The firm has a market cap of $59.49 billion, a P/E ratio of 43.93, a price-to-earnings-growth ratio of 3.24 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. The business had revenue of $2.39 billion for 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 business’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. On average, analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Elyxium Wealth LLC acquired a new stake in Fastenal during the fourth quarter worth about $25,000. Palladiem LLC acquired a new position in Fastenal in the 4th quarter valued at about $25,000. Evergreen Advisors LLC purchased a new stake in shares of Fastenal in the 1st quarter valued at approximately $26,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Fastenal in the 2nd quarter valued at approximately $26,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Fastenal during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. DA Davidson reissued a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Bank of America boosted their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Wolfe Research reiterated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $49.17.

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.