Daniel L. Florness Sells 45,744 Shares of Fastenal (NASDAQ:FAST) Stock

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Fastenal Stock Performance

NASDAQ:FAST opened at $68.10 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. Fastenal has a fifty-two week low of $53.83 and a fifty-two week high of $79.04. The company has a market cap of $38.99 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 3.65 and a beta of 1.01. The stock has a fifty day moving average price of $66.17 and a 200-day moving average price of $68.86.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, equities analysts anticipate that Fastenal will post 2.05 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.29%. The ex-dividend date was Friday, July 26th. Fastenal’s payout ratio is presently 77.61%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FAST shares. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Stephens restated an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Robert W. Baird decreased their price objective on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $80.00 target price (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $66.67.

Hedge Funds Weigh In On Fastenal

Hedge funds and other institutional investors have recently made changes to their positions in the company. Central Valley Advisors LLC acquired a new position in shares of Fastenal in the 2nd quarter valued at approximately $28,000. MCF Advisors LLC raised its stake in Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares in the last quarter. Triad Wealth Partners LLC bought a new position in shares of Fastenal in the second quarter worth about $32,000. Crewe Advisors LLC boosted its stake in shares of Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after purchasing an additional 428 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in shares of Fastenal during the 2nd quarter valued at approximately $35,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

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.