Fastenal Co. (FAST) Sees Strong Trading Volume Following Dividend Announcement
Fastenal Co. (NASDAQ:FAST) saw unusually-high trading volume on Monday following a dividend announcement from the company. Approximately 2,858,886 shares changed hands during trading, an increase of 16% from the previous session’s volume of 2,454,400 shares.The stock last traded at $42.36 and had previously closed at $42.30.
The newly announced dividend which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.85%. Fastenal’s dividend payout ratio (DPR) is presently 68.57%.
FAST has been the topic of a number of analyst reports. Vetr cut Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 target price on the stock. in a research report on Tuesday, September 6th. Credit Suisse Group AG restated a “neutral” rating and set a $43.00 target price on shares of Fastenal in a research report on Friday, June 17th. Wells Fargo & Co. restated a “hold” rating on shares of Fastenal in a research report on Sunday, September 4th. Zacks Investment Research cut Fastenal from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 14th. Finally, Macquarie initiated coverage on Fastenal in a research report on Thursday, August 25th. They set a “neutral” rating and a $50.00 target price on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $47.44.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/fastenal-co-fast-sees-strong-trading-volume-following-dividend-announcement.html
The company’s 50 day moving average is $41.86 and its 200-day moving average is $44.17. The stock has a market cap of $12.17 billion, a PE ratio of 24.07 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 12th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by $0.03. The firm had revenue of $1.01 billion for the quarter. Fastenal had a return on equity of 27.83% and a net margin of 12.91%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. On average, equities research analysts forecast that Fastenal Co. will post $1.74 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. FineMark National Bank & Trust boosted its position in Fastenal by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,420 shares of the company’s stock valued at $152,000 after buying an additional 20 shares in the last quarter. Strategic Advisors LLC boosted its position in Fastenal by 0.4% in the second quarter. Strategic Advisors LLC now owns 13,304 shares of the company’s stock valued at $591,000 after buying an additional 47 shares in the last quarter. Washington Trust Bank boosted its position in Fastenal by 2.3% in the second quarter. Washington Trust Bank now owns 2,762 shares of the company’s stock valued at $123,000 after buying an additional 62 shares in the last quarter. First Allied Advisory Services Inc. boosted its position in Fastenal by 0.5% in the second quarter. First Allied Advisory Services Inc. now owns 14,726 shares of the company’s stock valued at $652,000 after buying an additional 79 shares in the last quarter. Finally, 1st Global Advisors Inc. boosted its position in Fastenal by 0.4% in the second quarter. 1st Global Advisors Inc. now owns 21,092 shares of the company’s stock valued at $936,000 after buying an additional 84 shares in the last quarter. 82.12% of the stock is owned by hedge funds and other institutional investors.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
Receive News & Ratings for Fastenal Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal Co. and related companies with MarketBeat.com's FREE daily email newsletter.