Fastenal (NASDAQ:FAST) to Issue Dividend Increase - $0.43 Per Share

Fastenal (NASDAQ:FAST - Get Free Report) declared a quarterly dividend on Thursday, January 16th,RTT News reports. Shareholders of record on Friday, January 31st will be paid a dividend of 0.43 per share on Friday, February 28th. This represents a $1.72 annualized dividend and a yield of 2.30%. This is a positive change from Fastenal's previous quarterly dividend of $0.39.

Fastenal has increased its dividend payment by an average of 11.7% per year over the last three years and has increased its dividend annually for the last 25 consecutive years. Fastenal has a payout ratio of 66.1% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of FAST stock traded up $0.50 on Thursday, hitting $74.77. 3,943,796 shares of the stock traded hands, compared to its average volume of 2,891,185. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. Fastenal has a 52 week low of $61.36 and a 52 week high of $84.88. The firm has a 50 day simple moving average of $78.23 and a two-hundred day simple moving average of $72.82. The firm has a market cap of $42.83 billion, a price-to-earnings ratio of 37.20, a PEG ratio of 3.94 and a beta of 1.02.

Insider Buying and Selling

In other news, Director Rita J. Heise sold 10,888 shares of the firm's stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $77.67, for a total value of $845,670.96. Following the completion of the sale, the director now owns 20,000 shares in the company, valued at approximately $1,553,400. This trade represents a 35.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel L. Johnson sold 8,474 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total transaction of $706,392.64. Following the transaction, the director now owns 10,595 shares in the company, valued at $883,199.20. The trade was a 44.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,660 shares of company stock worth $6,211,126. Corporate insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

FAST has been the topic of several research analyst reports. HSBC downgraded Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price objective on the stock. in a research report on Wednesday, December 11th. Morgan Stanley upped their price target on Fastenal from $72.00 to $76.00 and gave the stock an "equal weight" rating in a research note on Monday, October 14th. UBS Group initiated coverage on shares of Fastenal in a research report on Wednesday, November 13th. They set a "neutral" rating and a $88.00 price objective on the stock. Stifel Nicolaus lowered shares of Fastenal from a "buy" rating to a "hold" rating and set a $86.00 target price for the company. in a research report on Wednesday, December 11th. Finally, Wolfe Research raised their target price on shares of Fastenal from $74.00 to $76.00 and gave the company an "underweight" rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $77.27.

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.

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