Fastenal (NASDAQ:FAST) CEO Daniel L. Florness Sells 31,818 Shares

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 31,818 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $24,168,521. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Fastenal Trading Down 1.0 %

Fastenal stock opened at $83.50 on Wednesday. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. The company has a market cap of $47.84 billion, a P/E ratio of 41.54, a P/E/G ratio of 4.88 and a beta of 0.99. The business has a 50-day simple moving average of $73.61 and a two-hundred day simple moving average of $68.83. Fastenal has a 52-week low of $59.47 and a 52-week high of $84.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. Fastenal’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 earnings per share. Analysts predict that Fastenal will post 2.03 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a yield of 1.87%. Fastenal’s dividend payout ratio is presently 77.61%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FAST shares. Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 target price (up previously from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Robert W. Baird upped their price objective on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Morgan Stanley increased their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Bank of America began coverage on Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and an average price target of $73.33.

Hedge Funds Weigh In On Fastenal

Several large investors have recently made changes to their positions in FAST. Ashton Thomas Securities LLC purchased a new position in Fastenal in the 3rd quarter worth approximately $25,000. Knuff & Co LLC bought a new stake in shares of Fastenal during the third quarter valued at approximately $27,000. Central Valley Advisors LLC bought a new stake in shares of Fastenal during the second quarter valued at approximately $28,000. Triad Wealth Partners LLC purchased a new position in shares of Fastenal in the second quarter worth $32,000. Finally, Crewe Advisors LLC boosted its position in shares of Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after acquiring an additional 428 shares during 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.