Daniel L. Florness Sells 50,000 Shares of Fastenal (NASDAQ:FAST) Stock

Fastenal (NASDAQ:FAST) CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Fastenal Stock Performance

Shares of FAST opened at $70.59 on Wednesday. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The stock has a market cap of $40.42 billion, a P/E ratio of 35.12, a P/E/G ratio of 3.78 and a beta of 1.01. The business’s 50 day moving average price is $67.66 and its 200-day moving average price is $68.48. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.21%. The ex-dividend date was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FAST. Jefferies Financial Group dropped their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Stephens restated an “equal weight” rating and issued a $56.00 price objective on shares of Fastenal in a report on Monday, July 15th. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 target price (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Finally, Morgan Stanley started coverage on Fastenal in a research note on Friday, September 6th. They issued an “equal weight” rating and a $72.00 target price for the company. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Fastenal has an average rating of “Hold” and an average price target of $67.43.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Gilbert & Cook Inc. raised its holdings in Fastenal by 4.9% in the 4th quarter. Gilbert & Cook Inc. now owns 6,684 shares of the company’s stock worth $433,000 after acquiring an additional 312 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of Fastenal by 7.7% during the fourth quarter. Avantax Advisory Services Inc. now owns 12,978 shares of the company’s stock valued at $841,000 after purchasing an additional 924 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Fastenal by 0.8% during the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock valued at $1,237,000 after buying an additional 152 shares during the last quarter. Kingsview Wealth Management LLC bought a new stake in Fastenal in the 4th quarter worth about $207,000. Finally, Independent Advisor Alliance raised its position in Fastenal by 4.5% in the 4th quarter. Independent Advisor Alliance now owns 9,602 shares of the company’s stock worth $622,000 after buying an additional 410 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

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.