Fastenal (NASDAQ:FAST) was the target of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 30,644,857 shares, an increase of 24.6% from the January 12th total of 24,590,098 shares. Currently, 10.7% of the shares of the company are short sold. Based on an average trading volume of 4,067,557 shares, the days-to-cover ratio is presently 7.5 days.
FAST has been the topic of a number of recent analyst reports. Credit Suisse Group reiterated an “outperform” rating and set a $61.00 price target (up from $52.00) on shares of Fastenal in a research note on Tuesday, January 9th. Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. KeyCorp reiterated a “buy” rating and set a $52.00 price target on shares of Fastenal in a research note on Thursday, October 12th. Stifel Nicolaus reiterated a “hold” rating and set a $51.00 price target on shares of Fastenal in a research note on Monday, December 11th. Finally, Stephens boosted their price target on shares of Fastenal from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, January 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $53.29.
Shares of Fastenal (FAST) traded up $1.33 on Friday, hitting $53.48. 3,698,539 shares of the company traded hands, compared to its average volume of 3,342,928. The company has a quick ratio of 2.40, a current ratio of 5.51 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $15,370.00, a P/E ratio of 26.61, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. Fastenal has a fifty-two week low of $39.79 and a fifty-two week high of $57.81.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Investors of record on Wednesday, January 31st will be paid a dividend of $0.37 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.77%. Fastenal’s dividend payout ratio is presently 73.63%.
In other news, insider Terry Modock Owen sold 30,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $48.02, for a total transaction of $1,440,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Leland J. Hein sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $51.00, for a total transaction of $510,000.00. Following the transaction, the insider now owns 22,588 shares in the company, valued at $1,151,988. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 78,884 shares of company stock worth $4,059,512. Company insiders own 0.55% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Exane Derivatives acquired a new position in Fastenal during the fourth quarter worth approximately $110,000. Fuller & Thaler Asset Management Inc. acquired a new position in Fastenal during the third quarter worth approximately $114,000. SeaCrest Wealth Management LLC acquired a new position in Fastenal during the fourth quarter worth approximately $115,000. Cable Hill Partners LLC acquired a new position in Fastenal during the third quarter worth approximately $126,000. Finally, Krilogy Financial LLC increased its position in Fastenal by 2.0% during the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after purchasing an additional 70 shares during the last quarter. 84.40% of the stock is currently owned by institutional investors and hedge funds.
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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