Insider Selling: Fastenal (NASDAQ:FAST) VP Sells 488 Shares of Stock

Fastenal (NASDAQ:FAST) VP John Lewis Soderberg sold 488 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.32, for a total transaction of $37,244.16. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Fastenal Stock Up 1.1 %

Shares of Fastenal stock opened at $77.77 on Thursday. Fastenal has a twelve month low of $56.41 and a twelve month high of $79.04. The stock has a market capitalization of $44.53 billion, a price-to-earnings ratio of 38.69, a PEG ratio of 4.13 and a beta of 1.01. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The business’s 50 day simple moving average is $69.46 and its 200-day simple moving average is $67.95.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. Equities research analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FAST shares. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Bank of America started coverage on Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 price target for the company. Stephens upped their price objective on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday. Jefferies Financial Group reduced their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 price target (up from $80.00) on shares of Fastenal in a report on Monday. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $73.33.

Institutional Investors Weigh In On Fastenal

Several large investors have recently made changes to their positions in FAST. ProShare Advisors LLC boosted its position in shares of Fastenal by 497.3% during the first quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock worth $239,083,000 after buying an additional 2,580,478 shares during the period. Marshall Wace LLP boosted its position in Fastenal by 4,008.2% during the 2nd quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock worth $47,522,000 after acquiring an additional 737,833 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Fastenal by 19.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock worth $241,161,000 after purchasing an additional 636,546 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Fastenal during the second quarter valued at $37,659,000. Finally, TD Asset Management Inc raised its stake in shares of Fastenal by 21.2% during the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock valued at $250,617,000 after purchasing an additional 569,118 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.