Fastenal (NASDAQ:FAST) Reaches New 52-Week High – What’s Next?

Shares of Fastenal Company (NASDAQ:FAST) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $50.80 and last traded at $50.7780, with a volume of 16350 shares. The stock had previously closed at $49.99.

Wall Street Analyst Weigh In

Several equities analysts recently commented on FAST shares. Weiss Ratings lowered Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Bank of America increased their price objective on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Finally, Robert W. Baird set a $54.00 target price on shares of Fastenal in a research report on Friday. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $49.17.

Fastenal Stock Up 2.0%

The stock has a fifty day moving average of $46.87 and a two-hundred day moving average of $45.83. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The stock has a market cap of $59.49 billion, a price-to-earnings ratio of 43.93, a PEG ratio of 3.17 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm’s revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. As a group, analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is presently 88.14%.

Insider Activity at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FAST. Elyxium Wealth LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at about $25,000. Palladiem LLC acquired a new position in Fastenal during the 4th quarter worth approximately $25,000. Evergreen Advisors LLC acquired a new position in Fastenal during the 1st quarter worth approximately $26,000. MV Capital Management Inc. purchased a new position in Fastenal in the 4th quarter worth approximately $29,000. Finally, Field & Main Bank acquired a new stake in Fastenal in the fourth quarter valued at approximately $30,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.