Fastenal (NASDAQ:FAST) to Issue $0.39 Quarterly Dividend

Fastenal (NASDAQ:FAST) declared a quarterly dividend on Thursday, October 10th, RTT News reports. Stockholders of record on Friday, October 25th will be paid a dividend of 0.39 per share on Friday, November 22nd. This represents a $1.56 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, October 25th.

Fastenal has raised its dividend by an average of 11.9% per year over the last three years and has increased its dividend every year for the last 25 years. Fastenal has a payout ratio of 70.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Fastenal to earn $2.19 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 71.2%.

Fastenal Stock Down 0.8 %

Shares of FAST opened at $75.93 on Thursday. Fastenal has a 12 month low of $56.41 and a 12 month high of $79.04. The firm’s 50 day moving average is $70.56 and its 200-day moving average is $67.99. The stock has a market capitalization of $43.47 billion, a PE ratio of 37.78, a P/E/G 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.

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

Wall Street Analyst Weigh In

FAST has been the topic of several analyst reports. Morgan Stanley increased their price target on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Stephens increased their price target on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Jefferies Financial Group reduced their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Robert W. Baird increased their price target on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $73.33.

Insider Buying and Selling at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, VP John Lewis Soderberg sold 488 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $76.32, for a total transaction of $37,244.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 179,373 shares of company stock worth $13,029,308 over the last quarter. Corporate insiders own 0.41% of the company’s stock.

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.