Fastenal Company (NASDAQ:FAST) declared a quarterly dividend on Tuesday, October 10th, RTT News reports. Investors of record on Wednesday, October 25th will be given a dividend of 0.32 per share on Wednesday, November 22nd. This represents a $1.28 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Tuesday, October 24th.
Fastenal has increased its dividend payment by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 6 years. Fastenal has a payout ratio of 66.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Fastenal to earn $2.13 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 60.1%.
Fastenal (NASDAQ FAST) opened at 48.39 on Monday. The stock has a market capitalization of $13.91 billion, a P/E ratio of 25.81 and a beta of 1.00. The company’s 50-day moving average price is $44.99 and its 200 day moving average price is $44.21. Fastenal has a 52-week low of $37.96 and a 52-week high of $52.74.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. Fastenal’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities research analysts anticipate that Fastenal will post $1.93 earnings per share for the current year.
Fastenal declared that its Board of Directors has authorized a share repurchase plan on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
In other Fastenal news, Director Michael John Dolan sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total value of $344,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Leland J. Hein sold 10,000 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $47.14, for a total value of $471,400.00. Following the completion of the sale, the insider now directly owns 21,290 shares of the company’s stock, valued at approximately $1,003,610.60. The disclosure for this sale can be found here. Insiders sold 28,000 shares of company stock valued at $1,302,880 in the last ninety days. Insiders own 0.55% of the company’s stock.
A number of brokerages have recently weighed in on FAST. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Thursday, August 3rd. Credit Suisse Group reiterated a “buy” rating and set a $52.00 price target on shares of Fastenal in a report on Thursday, July 13th. BMO Capital Markets lifted their price target on Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a report on Friday, July 14th. Northcoast Research reiterated a “buy” rating on shares of Fastenal in a report on Friday, August 4th. Finally, UBS AG upgraded Fastenal from an “outperform” rating to a “strong-buy” rating in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $50.80.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
Receive News & Ratings for Fastenal Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal Company and related companies with MarketBeat.com's FREE daily email newsletter.