Fastenal (NASDAQ:FAST) CEO Sells $2,688,621.00 in Stock

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 31,818 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $24,168,521. This trade represents a 10.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $82.16 on Friday. The stock’s fifty day simple moving average is $74.30 and its 200 day simple moving average is $69.04. The stock has a market capitalization of $47.07 billion, a price-to-earnings ratio of 40.88, a PEG ratio of 4.89 and a beta of 0.99. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. Fastenal has a 52-week low of $59.47 and a 52-week high of $84.88.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the company earned $0.52 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Friday, October 25th. Fastenal’s dividend payout ratio is 77.61%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Bank of America began coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price target for the company. Morgan Stanley upped their target price on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Robert W. Baird boosted their price target on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Stephens lifted their price objective on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $74.80.

Hedge Funds Weigh In On Fastenal

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its position in shares of Fastenal by 4,008.2% in the second quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock worth $47,522,000 after buying an additional 737,833 shares during the period. Dimensional Fund Advisors LP boosted its position in Fastenal by 19.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock worth $241,161,000 after acquiring an additional 636,546 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Fastenal by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company’s stock valued at $1,419,690,000 after acquiring an additional 608,596 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Fastenal in the 2nd quarter valued at about $37,659,000. Finally, TD Asset Management Inc lifted its position in shares of Fastenal by 21.2% in the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after purchasing an additional 569,118 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

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.