Fastenal (NASDAQ:FAST) Sets New 1-Year High - Here's Why

Shares of Fastenal Company (NASDAQ:FAST - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $52.92 and last traded at $52.38, with a volume of 9698192 shares changing hands. The stock had previously closed at $52.15.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FAST. DA Davidson reiterated a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Morgan Stanley boosted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a "buy" rating in a research note on Monday, July 13th. Wolfe Research reaffirmed an "underperform" rating and issued a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Finally, Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Fastenal currently has an average rating of "Hold" and a consensus price target of $49.17.

Fastenal Trading Up 0.4%

The company has a 50-day moving average of $47.19 and a 200 day moving average of $45.96. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market cap of $60.11 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 3.26 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 company's quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 earnings per share. Analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a $0.26 dividend. This is a boost from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. Fastenal's dividend payout ratio is 88.14%.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction 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 in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by insiders.

Institutional Trading of Fastenal

Several institutional investors have recently added to or reduced their stakes in FAST. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter worth approximately $25,000. Palladiem LLC purchased a new position in Fastenal during the 4th quarter valued at $25,000. Evergreen Advisors LLC bought a new position in Fastenal in the 1st quarter valued at $26,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Fastenal in the 2nd quarter valued at $26,000. Finally, MV Capital Management Inc. purchased a new stake in Fastenal in the fourth quarter worth $29,000. Institutional investors own 81.38% of the company's stock.

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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