Fastenal (FAST) Raises Dividend to $0.37 Per Share
Fastenal (NASDAQ:FAST) declared a quarterly dividend on Tuesday, January 16th, RTT News reports. Stockholders of record on Wednesday, January 31st will be paid a dividend of 0.37 per share on Tuesday, February 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.67%. This is a boost from Fastenal’s previous quarterly dividend of $0.32.
Fastenal has increased its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Fastenal has a payout ratio of 66.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Fastenal to earn $2.13 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 60.1%.
Shares of Fastenal (NASDAQ FAST) traded down $0.15 during midday trading on Tuesday, hitting $55.44. The stock had a trading volume of 3,766,897 shares, compared to its average volume of 2,322,339. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.45 and a current ratio of 5.36. The firm has a market cap of $15,910.00, a price-to-earnings ratio of 29.65, a price-to-earnings-growth ratio of 1.86 and a beta of 1.09. Fastenal has a fifty-two week low of $39.79 and a fifty-two week high of $56.15.
FAST has been the topic of a number of research analyst reports. KeyCorp reaffirmed a “buy” rating and issued a $52.00 target price on shares of Fastenal in a report on Thursday, October 12th. Stephens set a $54.00 target price on Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a report on Tuesday, December 26th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 target price (up previously from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $57.00 target price on shares of Fastenal in a report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal currently has a consensus rating of “Buy” and an average target price of $52.93.
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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