Insider Selling: Fastenal (NASDAQ:FAST) Director Sells $706,392.64 in Stock

Fastenal (NASDAQ:FAST) Director Daniel L. Johnson sold 8,474 shares of Fastenal stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.36, for a total value of $706,392.64. Following the sale, the director now owns 10,595 shares of the company’s stock, valued at approximately $883,199.20. This trade represents a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Fastenal Price Performance

FAST opened at $81.85 on Friday. The business’s 50-day moving average is $74.96 and its two-hundred day moving average is $69.23. Fastenal has a 1 year low of $59.47 and a 1 year high of $84.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The firm has a market capitalization of $46.89 billion, a PE ratio of 40.72, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99.

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 the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Research analysts anticipate that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.91%. Fastenal’s payout ratio is 77.61%.

Institutional Investors Weigh In On Fastenal

Large investors have recently modified their holdings of the business. Aaron Wealth Advisors LLC purchased a new stake in shares of Fastenal during the third quarter worth about $310,000. Cetera Investment Advisers grew its stake in shares of Fastenal by 499.7% during the first quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock worth $10,186,000 after acquiring an additional 110,027 shares during the last quarter. M&G Plc purchased a new stake in shares of Fastenal during the first quarter worth about $11,212,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Fastenal by 5.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 210,998 shares of the company’s stock worth $13,259,000 after acquiring an additional 11,436 shares during the last quarter. Finally, Peak Financial Advisors LLC purchased a new stake in shares of Fastenal during the second quarter worth about $2,643,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 target price (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Stephens lifted their target price on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Bank of America began coverage on Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Morgan Stanley lifted their price objective on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, UBS Group began coverage on Fastenal in a report on Wednesday. They issued a “neutral” rating and a $88.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $74.80.

Fastenal Company Profile

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.