Fastenal (NASDAQ:FAST) Sees Significant Increase in Short Interest

Fastenal (NASDAQ:FAST) saw a large increase in short interest in the month of January. As of January 15th, there was short interest totalling 12,050,000 shares, an increase of 6.5% from the December 31st total of 11,310,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average daily volume of 2,810,000 shares, the days-to-cover ratio is currently 4.3 days.

Fastenal Trading Up 0.7 %

Fastenal stock opened at $73.72 on Tuesday. Fastenal has a 12 month low of $61.36 and a 12 month high of $84.88. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03. The stock has a market cap of $42.23 billion, a P/E ratio of 36.68, a P/E/G ratio of 3.48 and a beta of 1.02. The company’s fifty day simple moving average is $76.43 and its 200-day simple moving average is $73.78.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter last year, the firm earned $0.46 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, January 31st. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio (DPR) is presently 85.57%.

Insider Activity

In other news, CEO Daniel L. Florness sold 31,818 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $24,168,521. This trade represents a 10.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total transaction of $1,970,441.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,772 shares of company stock worth $5,365,455. 0.41% of the stock is owned by company insiders.

Institutional Trading of Fastenal

A number of institutional investors have recently added to or reduced their stakes in FAST. King Luther Capital Management Corp lifted its stake in shares of Fastenal by 1.6% in the 3rd quarter. King Luther Capital Management Corp now owns 8,664 shares of the company’s stock valued at $619,000 after purchasing an additional 136 shares during the last quarter. Verdence Capital Advisors LLC raised its holdings in Fastenal by 1.9% during the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock valued at $545,000 after buying an additional 142 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Fastenal by 1.2% in the fourth quarter. HB Wealth Management LLC now owns 11,674 shares of the company’s stock worth $840,000 after buying an additional 142 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock worth $186,000 after acquiring an additional 143 shares in the last quarter. Finally, Compass Ion Advisors LLC increased its holdings in shares of Fastenal by 1.5% during the 3rd quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock valued at $709,000 after acquiring an additional 146 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. UBS Group assumed coverage on Fastenal in a research report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price on the stock. Stifel Nicolaus reduced their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Jefferies Financial Group raised their target price on shares of Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Wolfe Research boosted their price target on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $76.91.

About Fastenal

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.