Fastenal (NASDAQ:FAST) Sees Unusually-High Trading Volume After Dividend Announcement

Fastenal (NASDAQ:FAST - Get Free Report) shares saw an uptick in trading volume on Friday following a dividend announcement from the company. 2,058,813 shares changed hands during trading, a decline of 26% from the previous session's volume of 2,798,541 shares.The stock last traded at $75.71 and had previously closed at $74.77.

The newly announced dividend which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be issued a dividend of $0.43 per share. This is a boost from Fastenal's previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a yield of 2.26%. Fastenal's dividend payout ratio (DPR) is presently 77.61%.

Wall Street Analyst Weigh In

FAST has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on Fastenal from $57.00 to $63.00 and gave the stock a "neutral" rating in a report on Thursday, October 10th. UBS Group initiated coverage on Fastenal in a report on Wednesday, November 13th. They set a "neutral" rating and a $88.00 price target for the company. Morgan Stanley lifted their price target on Fastenal from $72.00 to $76.00 and gave the stock an "equal weight" rating in a report on Monday, October 14th. Robert W. Baird lifted their price target on Fastenal from $67.00 to $80.00 and gave the stock a "neutral" rating in a report on Monday, October 14th. Finally, HSBC cut Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price target for the company. in a report on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Fastenal currently has an average rating of "Hold" and a consensus target price of $77.27.

Fastenal Stock Performance

The company has a 50 day moving average price of $77.92 and a 200-day moving average price of $73.00. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The company has a market cap of $43.59 billion, a P/E ratio of 37.85, a price-to-earnings-growth ratio of 3.94 and a beta of 1.02.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.02). The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1,842,560.16 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company's revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, equities analysts expect that Fastenal will post 2.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fastenal news, Director Daniel L. Johnson sold 8,474 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $883,199.20. The trade was a 44.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Charles S. Miller sold 23,480 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.92, for a total value of $1,970,441.60. The disclosure for this sale can be found here. Insiders have sold 74,660 shares of company stock worth $6,211,126 in the last 90 days. Insiders own 0.41% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Aaron Wealth Advisors LLC acquired a new position in Fastenal during the 3rd quarter worth approximately $310,000. Comgest Global Investors S.A.S. raised its stake in Fastenal by 73.0% during the 3rd quarter. Comgest Global Investors S.A.S. now owns 87,081 shares of the company's stock worth $6,219,000 after buying an additional 36,742 shares during the period. PNC Financial Services Group Inc. raised its stake in Fastenal by 1.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company's stock worth $26,373,000 after buying an additional 6,488 shares during the period. Matrix Trust Co acquired a new position in Fastenal during the 4th quarter worth approximately $1,756,000. Finally, Franklin Resources Inc. raised its stake in Fastenal by 3.8% during the 3rd quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company's stock worth $350,703,000 after buying an additional 165,423 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

About Fastenal

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.