Fastenal Co. (FAST) Sees Large Decrease in Short Interest
Fastenal Co. (NASDAQ:FAST) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 21,323,595 shares, a decrease of 7.8% from the September 15th total of 23,128,050 shares. Approximately 7.4% of the company’s stock are short sold. Based on an average daily volume of 2,061,335 shares, the days-to-cover ratio is currently 10.3 days.
Shares of Fastenal (NASDAQ:FAST) opened at 38.34 on Friday. Fastenal has a 12-month low of $35.10 and a 12-month high of $49.99. The company has a 50 day moving average price of $41.44 and a 200-day moving average price of $44.06. The firm has a market cap of $11.08 billion, a PE ratio of 21.91 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, October 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The business earned $1.01 billion during the quarter. During the same quarter in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. Analysts expect that Fastenal will post $1.74 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be issued a $0.30 dividend. The ex-dividend date is Friday, October 21st. This represents a $1.20 dividend on an annualized basis and a yield of 3.13%. Fastenal’s dividend payout ratio is currently 69.77%.
A number of equities research analysts recently weighed in on FAST shares. Vetr cut Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price objective for the company. in a research note on Tuesday, September 6th. BMO Capital Markets set a $45.00 price objective on Fastenal and gave the stock a “hold” rating in a research note on Wednesday. Robert W. Baird restated a “neutral” rating and set a $45.00 price objective on shares of Fastenal in a research note on Thursday. Credit Suisse Group AG restated a “neutral” rating and set a $43.00 price objective on shares of Fastenal in a research note on Friday, June 17th. Finally, Wells Fargo & Co. restated a “hold” rating on shares of Fastenal in a research note on Sunday, September 4th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Fastenal has an average rating of “Hold” and a consensus target price of $47.15.
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Fastenal by 5.2% in the second quarter. Vanguard Group Inc. now owns 27,835,227 shares of the company’s stock worth $1,235,606,000 after buying an additional 1,371,768 shares in the last quarter. State Street Corp boosted its position in shares of Fastenal by 0.7% in the first quarter. State Street Corp now owns 11,052,593 shares of the company’s stock worth $541,583,000 after buying an additional 78,990 shares in the last quarter. Polen Capital Management LLC boosted its position in shares of Fastenal by 11.9% in the second quarter. Polen Capital Management LLC now owns 7,163,432 shares of the company’s stock worth $317,985,000 after buying an additional 764,398 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Fastenal by 5.4% in the second quarter. BlackRock Fund Advisors now owns 4,721,920 shares of the company’s stock worth $209,606,000 after buying an additional 243,947 shares in the last quarter. Finally, Route One Investment Company L.P. boosted its position in shares of Fastenal by 9.3% in the second quarter. Route One Investment Company L.P. now owns 3,838,962 shares of the company’s stock worth $170,412,000 after buying an additional 327,655 shares in the last quarter. 82.12% of the stock is currently owned by hedge funds and other institutional investors.
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.
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