Fastenal (FAST) Declares Dividend Increase – $0.37 Per Share

Fastenal (NASDAQ:FAST) announced a quarterly dividend on Tuesday, January 16th, RTT News reports. Investors of record on Wednesday, January 31st will be paid a dividend of 0.37 per share on Tuesday, February 27th. This represents a $1.48 annualized dividend and a yield of 2.67%. This is a boost from Fastenal’s previous quarterly dividend of $0.32.

Fastenal has increased its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Fastenal has a dividend payout ratio of 66.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Fastenal to earn $2.13 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 60.1%.

Shares of Fastenal (FAST) opened at $55.44 on Wednesday. Fastenal has a one year low of $39.79 and a one year high of $56.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.36 and a quick ratio of 2.45. The stock has a market capitalization of $15,976.03, a PE ratio of 29.49, a P/E/G ratio of 1.86 and a beta of 1.09.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, January 17th. The company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.08. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period last year, the business earned $0.40 EPS. The business’s quarterly revenue was up 14.8% on a year-over-year basis. analysts predict that Fastenal will post 1.93 earnings per share for the current year.

In other news, insider Gary A. Polipnick sold 2,634 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $53.45, for a total transaction of $140,787.30. Following the transaction, the insider now owns 59,323 shares of the company’s stock, valued at approximately $3,170,814.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Terry Modock Owen sold 30,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $48.02, for a total value of $1,440,600.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,746 shares of company stock worth $3,061,819. 0.55% of the stock is currently owned by insiders.

FAST has been the subject of a number of recent research reports. KeyCorp reaffirmed a “buy” rating and set a $52.00 price target on shares of Fastenal in a research note on Thursday, October 12th. Stephens set a $54.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Wednesday, October 11th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research note on Tuesday, December 26th. Morgan Stanley reaffirmed an “equal weight” rating and set a $46.00 price target (up from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $57.00 price target on shares of Fastenal in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Fastenal has an average rating of “Buy” and a consensus target price of $52.93.

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Fastenal Company Profile

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.

Dividend History for Fastenal (NASDAQ:FAST)

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