Fastenal Company (FAST) Insider Leland J. Hein Sells 10,000 Shares
Fastenal Company (NASDAQ:FAST) insider Leland J. Hein sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.74, for a total value of $487,400.00. Following the transaction, the insider now directly owns 20,258 shares of the company’s stock, valued at approximately $987,374.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Fastenal Company (NASDAQ:FAST) traded up 0.60% on Friday, hitting $48.55. The stock had a trading volume of 452,068 shares. The firm has a market cap of $13.95 billion, a price-to-earnings ratio of 25.89 and a beta of 1.00. Fastenal Company has a one year low of $37.88 and a one year high of $52.74. The company’s 50-day moving average price is $44.82 and its 200 day moving average price is $44.23.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS. Analysts expect that Fastenal Company will post $1.93 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.65%. Fastenal’s payout ratio is 68.09%.
Fastenal announced that its board has approved a share repurchase program on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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A number of equities analysts have commented on the company. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Stephens set a $54.00 price target on Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. KeyCorp reaffirmed a “buy” rating and issued a $52.00 price target on shares of Fastenal in a report on Thursday, October 12th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 price target (up previously from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Finally, Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $50.80.
Several hedge funds have recently added to or reduced their stakes in FAST. Commonwealth Bank of Australia increased its holdings in shares of Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after buying an additional 753 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Fastenal by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares during the last quarter. FNY Managed Accounts LLC acquired a new stake in shares of Fastenal during the 1st quarter worth $133,000. Krilogy Financial LLC increased its holdings in shares of Fastenal by 2.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after buying an additional 70 shares during the last quarter. Finally, CENTRAL TRUST Co increased its holdings in shares of Fastenal by 13.4% during the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares during the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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