Fastenal Company (NASDAQ:FAST) Raises Dividend to $0.24 Per Share

Fastenal Company (NASDAQ:FAST) announced a quarterly dividend on Friday, January 16th. Shareholders of record on Thursday, January 29th will be given a dividend of 0.24 per share on Thursday, February 26th. This represents a c) annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, January 29th. This is a 9.1% increase from Fastenal’s previous quarterly dividend of $0.22.

Fastenal has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 26 consecutive years. Fastenal has a dividend payout ratio of 80.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Fastenal to earn $2.33 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 41.2%.

Fastenal Stock Performance

FAST stock opened at $43.73 on Tuesday. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $41.55 and its two-hundred day moving average price is $44.46. Fastenal has a 1-year low of $35.31 and a 1-year high of $50.63. The firm has a market cap of $50.20 billion, a PE ratio of 39.75, a P/E/G ratio of 2.81 and a beta of 0.90.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 earnings per share. As a group, research analysts forecast that Fastenal will post 2.15 earnings per share for the current year.

Insider Activity at Fastenal

In other news, Director Sarah N. Nielsen bought 1,000 shares of the stock in a transaction dated Wednesday, November 19th. The shares were bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the stock in a transaction on Thursday, November 13th. The shares were purchased at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at approximately $495,800. This trade represents a 11.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fastenal

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC grew its holdings in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Founders Capital Management LLC grew its stake in Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after buying an additional 228 shares in the last quarter. Sowell Financial Services LLC grew its stake in Fastenal by 4.7% during the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after buying an additional 238 shares in the last quarter. L2 Asset Management LLC increased its holdings in Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after buying an additional 248 shares during the period. Finally, Rowlandmiller & PARTNERS.ADV raised its position in shares of Fastenal by 1.7% in the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock valued at $721,000 after buying an additional 250 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

About Fastenal

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.