Daniel L. Florness Purchases 4,000 Shares of Fastenal (NASDAQ:FAST) Stock

Fastenal (NASDAQ:FASTGet Rating) CEO Daniel L. Florness acquired 4,000 shares of Fastenal stock in a transaction on Wednesday, September 14th. The shares were bought at an average price of $48.00 per share, with a total value of $192,000.00. Following the completion of the transaction, the chief executive officer now directly owns 281,929 shares of the company’s stock, valued at approximately $13,532,592. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Fastenal Trading Up 0.3 %

Shares of FAST opened at $47.36 on Friday. The company has a current ratio of 3.71, a quick ratio of 1.75 and a debt-to-equity ratio of 0.10. Fastenal has a 12-month low of $45.68 and a 12-month high of $64.75. The firm has a 50-day moving average price of $51.05 and a 200 day moving average price of $53.11. The firm has a market capitalization of $27.22 billion, a P/E ratio of 26.46, a P/E/G ratio of 2.82 and a beta of 1.21.

Fastenal (NASDAQ:FASTGet Rating) last announced its quarterly earnings data on Wednesday, July 13th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. Fastenal had a net margin of 15.70% and a return on equity of 33.47%. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter in the prior year, the firm posted $0.42 earnings per share. Fastenal’s quarterly revenue was up 18.0% on a year-over-year basis. Sell-side analysts forecast that Fastenal will post 1.86 EPS for the current year.

Fastenal announced that its Board of Directors has initiated a share buyback plan on Tuesday, July 12th that permits the company to repurchase 8,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Investors of record on Wednesday, July 27th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Tuesday, July 26th. Fastenal’s dividend payout ratio is currently 69.27%.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of research analyst reports. UBS Group reduced their price objective on shares of Fastenal from $62.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, July 14th. Robert W. Baird cut shares of Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 target price for the company. in a research report on Thursday, July 14th. Argus reduced their target price on shares of Fastenal from $66.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, July 15th. StockNews.com cut shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, September 13th. Finally, Morgan Stanley reduced their target price on shares of Fastenal from $48.00 to $42.00 and set an “underweight” rating for the company in a research report on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average price target of $52.00.

Institutional Investors Weigh In On Fastenal

A number of hedge funds have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV boosted its stake in Fastenal by 78.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 511 shares of the company’s stock worth $26,000 after buying an additional 224 shares during the period. GHP Investment Advisors Inc. purchased a new position in Fastenal during the first quarter worth about $31,000. O Dell Group LLC purchased a new position in Fastenal during the first quarter worth about $32,000. Cornerstone Advisory LLC purchased a new position in Fastenal during the fourth quarter worth about $38,000. Finally, Allworth Financial LP purchased a new position in Fastenal during the first quarter worth about $41,000. Hedge funds and other institutional investors own 78.18% of the company’s stock.

About Fastenal

(Get Rating)

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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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