Insider Selling: Fastenal (NASDAQ:FAST) CEO Sells 50,000 Shares of Stock

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 50,000 shares of the company’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 sale was disclosed in a filing with the SEC, which can be accessed through this link.

Fastenal Price Performance

Shares of FAST traded up $0.05 during trading hours on Monday, hitting $69.87. 1,072,230 shares of the company were exchanged, compared to its average volume of 3,439,855. The company has a market cap of $40.01 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 3.78 and a beta of 1.01. Fastenal has a fifty-two week low of $53.83 and a fifty-two week 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 firm’s fifty day moving average is $67.35 and its 200 day moving average is $68.52.

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

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.23%. The ex-dividend date was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Institutional Trading of Fastenal

Several large investors have recently bought and sold shares of the business. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group boosted its stake in Fastenal by 5.8% in the second quarter. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group now owns 19,431 shares of the company’s stock valued at $1,221,000 after buying an additional 1,057 shares in the last quarter. Cim LLC acquired a new stake in shares of Fastenal during the second quarter valued at about $1,777,000. Sanctuary Advisors LLC acquired a new stake in shares of Fastenal during the second quarter valued at about $6,409,000. Clear Rock Advisors LLC boosted its stake in shares of Fastenal by 1.5% during the second quarter. Clear Rock Advisors LLC now owns 43,149 shares of the company’s stock valued at $2,711,000 after purchasing an additional 650 shares in the last quarter. Finally, KPP Advisory Services LLC boosted its stake in shares of Fastenal by 11.6% during the second quarter. KPP Advisory Services LLC now owns 6,993 shares of the company’s stock valued at $439,000 after purchasing an additional 725 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FAST has been the topic of a number of analyst reports. Stephens reiterated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. 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 objective on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Finally, Jefferies Financial Group dropped their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price 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.