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

Key Points

• Fastenal's stock reached a new 52-week high, trading at $48.38, contributing to a market capitalization of $55.19 billion.
• Recent analyst ratings show a mix of opinions, with one strong buy rating and an average target price of $46.36, while most analysts have given it a "hold" rating.
• The company will pay a quarterly dividend of $0.22 per share, with a dividend yield of 1.8% and a payout ratio of 84.62%.

Fastenal Company (NASDAQ:FAST - Get Free Report)'s share price reached a new 52-week high on Friday . The company traded as high as $48.38 and last traded at $47.86, with a volume of 649622 shares traded. The stock had previously closed at $47.48.

Analyst Ratings Changes

A number of research firms recently weighed in on FAST. Wolfe Research reissued a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a research note on Thursday, July 3rd. Finally, Stephens upped their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average price target of $46.36.

Fastenal Price Performance

The stock's 50-day moving average is $44.10 and its 200 day moving average is $40.67. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The company has a market cap of $55.60 billion, a PE ratio of 46.59, a PEG ratio of 4.37 and a beta of 0.95.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The business had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. On average, equities analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is 84.62%.

Insider Buying and Selling at Fastenal

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer directly owned 10,192 shares in the company, valued at approximately $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,112 shares of company stock worth $6,304,410. Insiders own 0.37% of the company's stock.

Institutional Investors Weigh In On Fastenal

Institutional investors have recently modified their holdings of the business. Riverview Trust Co grew its position in shares of Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after acquiring an additional 292 shares during the period. Hilltop National Bank acquired a new stake in shares of Fastenal in the second quarter valued at about $27,000. Private Wealth Management Group LLC grew its position in shares of Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock valued at $27,000 after purchasing an additional 339 shares during the period. Armstrong Advisory Group Inc. grew its position in shares of Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock valued at $29,000 after purchasing an additional 348 shares during the period. Finally, AdvisorNet Financial Inc grew its position in shares of Fastenal by 95.0% in the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock valued at $29,000 after purchasing an additional 342 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Company Profile

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.