Fastenal (NASDAQ:FAST) Director Rita Heise Sells 34,964 Shares of Stock

Key Points

• Director Rita Heise sold 34,964 Fastenal shares at an average price of $50.05, generating approximately $1.75 million and reducing her direct holdings by 63.61% to 20,000 shares.
• Fastenal shares rose 1.6% to $50.80, near their 12-month high, after the company reported quarterly revenue of $2.39 billion, up 14.7% year over year, while earnings per share matched analyst expectations at $0.33.
• The company increased its quarterly dividend to $0.26 per share, or $1.04 annually, implying a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $48.83.

Fastenal Company (NASDAQ:FAST - Get Free Report) Director Rita Heise sold 34,964 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares of the company's stock, valued at $1,001,000. This trade represents a 63.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Fastenal Stock Up 1.6%

Shares of NASDAQ FAST traded up $0.81 during trading on Thursday, reaching $50.80. 9,085,279 shares of the stock were exchanged, compared to its average volume of 8,135,342. The company has a market capitalization of $58.29 billion, a price-to-earnings ratio of 43.05, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. The business's 50-day moving average price is $46.60 and its 200 day moving average price is $45.73. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.91.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period last year, the business earned $0.29 EPS. The business's revenue was up 14.7% on a year-over-year basis. As a group, equities analysts forecast that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared 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. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is a positive change from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal's payout ratio is presently 88.14%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its holdings in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after buying an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. increased its holdings in Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after buying an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its position in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock worth $2,749,000 after acquiring an additional 226 shares during the period. Founders Capital Management LLC boosted its stake in shares of Fastenal by 2.2% during the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company's stock worth $418,000 after acquiring an additional 228 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in shares of Fastenal by 12.9% during the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock worth $94,000 after acquiring an additional 232 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

FAST has been the topic of several analyst reports. Sanford C. Bernstein restated an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. Barclays reduced their target price on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. DA Davidson reaffirmed a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Finally, Robert W. Baird reduced their price objective on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $48.83.

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.

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