Fastenal (NASDAQ:FAST) Short Interest Up 93.5% in May

Fastenal (NASDAQ:FAST - Get Free Report) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 28,410,000 shares, an increase of 93.5% from the April 30th total of 14,680,000 shares. Approximately 5.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 7,410,000 shares, the days-to-cover ratio is currently 3.8 days.

Fastenal Price Performance

Shares of Fastenal stock traded down $0.31 during midday trading on Wednesday, reaching $40.88. The company had a trading volume of 4,869,466 shares, compared to its average volume of 6,063,265. The company has a market capitalization of $46.90 billion, a price-to-earnings ratio of 20.34, a price-to-earnings-growth ratio of 3.58 and a beta of 1.01. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $39.96 and a 200 day simple moving average of $38.77. Fastenal has a 1-year low of $30.68 and a 1-year high of $42.44.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.94 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The firm's revenue was up 3.4% on a year-over-year basis. During the same period last year, the company earned $0.26 EPS. As a group, equities research analysts forecast that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, April 25th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.31%. The ex-dividend date of this dividend was Friday, April 25th. This is an increase from Fastenal's previous quarterly dividend of $0.43. Fastenal's dividend payout ratio (DPR) is presently 88.00%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. William Blair raised shares of Fastenal from a "market perform" rating to an "outperform" rating in a research note on Monday, March 10th. JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $36.00 to $38.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Wolfe Research upgraded shares of Fastenal from an "underperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Stephens boosted their price target on Fastenal from $37.50 to $40.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 15th. Finally, Morgan Stanley increased their price objective on shares of Fastenal from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, Fastenal has a consensus rating of "Hold" and an average price target of $40.40.

Insider Activity

In related news, EVP Anthony Paul Broersma sold 11,136 shares of Fastenal stock in a transaction on Friday, April 25th. The stock was sold at an average price of $40.60, for a total value of $452,065.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Scott Satterlee sold 19,340 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $39.76, for a total transaction of $768,861.70. Following the completion of the transaction, the director now owns 50,000 shares of the company's stock, valued at approximately $1,987,750. The trade was a 27.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,200 shares of company stock worth $7,895,625 over the last 90 days. 0.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fastenal

Several institutional investors and hedge funds have recently modified their holdings of the business. 1248 Management LLC bought a new position in Fastenal during the 1st quarter worth about $36,000. Horizon Financial Services LLC increased its holdings in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after acquiring an additional 533 shares during the last quarter. Itau Unibanco Holding S.A. lifted its stake in shares of Fastenal by 481.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock worth $44,000 after buying an additional 506 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in Fastenal during the first quarter worth approximately $49,000. Finally, OFI Invest Asset Management bought a new stake in Fastenal in the 4th quarter valued at $46,000. 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.