Fastenal Company (FAST) Sees Large Decrease in Short Interest

Fastenal Company (NASDAQ:FAST) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 24,755,493 shares, a decrease of 13.5% from the October 13th total of 28,611,666 shares. Approximately 8.7% of the company’s stock are short sold. Based on an average daily trading volume, of 2,621,486 shares, the days-to-cover ratio is presently 9.4 days.

Fastenal (NASDAQ FAST) opened at $47.47 on Wednesday. Fastenal has a 1 year low of $39.79 and a 1 year high of $52.74. The stock has a market capitalization of $13,573.45, a PE ratio of 25.12, a P/E/G ratio of 1.75 and a beta of 1.06. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.45 and a current ratio of 5.36.

Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company posted $0.44 EPS. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. equities analysts predict that Fastenal will post 1.93 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.70%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio is currently 68.09%.

In other news, Director Stephen L. Eastman bought 800 shares of the stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average cost of $40.58 per share, for a total transaction of $32,464.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Leland J. Hein sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.74, for a total value of $487,400.00. Following the completion of the sale, the insider now owns 20,258 shares of the company’s stock, valued at $987,374.92. The disclosure for this sale can be found here. Insiders sold a total of 30,112 shares of company stock valued at $1,444,232 over the last quarter. Company insiders own 0.55% of the company’s stock.

A number of large investors have recently made changes to their positions in FAST. Enterprise Financial Services Corp increased its holdings in shares of Fastenal by 0.5% in the second quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock valued at $264,000 after purchasing an additional 28 shares during the period. QS Investors LLC increased its holdings in shares of Fastenal by 1.6% in the second quarter. QS Investors LLC now owns 4,051 shares of the company’s stock valued at $176,000 after purchasing an additional 63 shares during the period. Krilogy Financial LLC increased its holdings in shares of Fastenal by 2.0% in the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock valued at $154,000 after purchasing an additional 70 shares during the period. Community Bank N.A. increased its holdings in shares of Fastenal by 1.1% in the second quarter. Community Bank N.A. now owns 7,276 shares of the company’s stock valued at $317,000 after purchasing an additional 76 shares during the period. Finally, Roberts Glore & Co. Inc. IL increased its holdings in shares of Fastenal by 1.6% in the second quarter. Roberts Glore & Co. Inc. IL now owns 5,041 shares of the company’s stock valued at $219,000 after purchasing an additional 80 shares during the period. 83.95% of the stock is currently owned by institutional investors.

FAST has been the subject of a number of analyst reports. Northcoast Research initiated coverage on Fastenal in a research note on Tuesday, July 25th. They set a “buy” rating and a $54.00 price objective for the company. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets restated a “hold” rating and set a $46.00 price objective on shares of Fastenal in a research note on Monday, August 21st. Finally, Stifel Nicolaus restated a “hold” rating and set a $46.00 price objective on shares of Fastenal in a research note on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $50.80.

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Fastenal Company Profile

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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