Fastenal (NASDAQ:FAST) Hits New 12-Month High – Here’s What Happened

Fastenal (NASDAQ:FAST) reached a new 52-week high on Wednesday . The stock traded as high as $81.45 and last traded at $81.11, with a volume of 68726 shares changing hands. The stock had previously closed at $78.09.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FAST. Stephens boosted their price objective on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Bank of America assumed coverage on Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective for the company. Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. JPMorgan Chase & Co. upped their target price on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group reduced their price target 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 two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $73.33.

Fastenal Stock Down 0.6 %

The business has a fifty day simple moving average of $72.67 and a two-hundred day simple moving average of $68.48. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The company has a market cap of $47.61 billion, a PE ratio of 41.34, a price-to-earnings-growth ratio of 4.56 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the previous year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 1.88%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Insider Activity at Fastenal

In other Fastenal news, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fastenal news, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 190,261 shares of company stock worth $13,874,979. Company insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Fastenal

Institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC purchased a new stake in Fastenal during the third quarter worth approximately $25,000. Knuff & Co LLC purchased a new stake in Fastenal in the third quarter valued at approximately $27,000. Central Valley Advisors LLC purchased a new stake in Fastenal in the second quarter valued at approximately $28,000. Moisand Fitzgerald Tamayo LLC lifted its stake in Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after buying an additional 428 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in Fastenal in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

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.