Fastenal (NASDAQ:FAST) Sees Large Decrease in Short Interest

Fastenal (NASDAQ:FAST) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 37,996,000 shares, a decrease of 10.0% from the June 30th total of 42,207,700 shares. Approximately 13.4% of the company’s stock are short sold. Based on an average daily trading volume, of 4,630,000 shares, the days-to-cover ratio is presently 8.2 days.

Several research analysts have recently commented on FAST shares. ValuEngine lowered Fastenal from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 23rd. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a research report on Friday. Wells Fargo & Co reduced their price target on Fastenal from $35.00 to $30.00 and set a “market perform” rating for the company in a research report on Friday, July 12th. Buckingham Research reduced their price target on Fastenal from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Finally, Raymond James reduced their price target on Fastenal from $39.00 to $37.00 and set a “strong-buy” rating for the company in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.36.

In other news, Director Michael J. Ancius bought 1,104 shares of the stock in a transaction on Thursday, July 18th. The stock was acquired at an average cost of $30.13 per share, for a total transaction of $33,263.52. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel L. Johnson bought 2,500 shares of the stock in a transaction on Thursday, August 1st. The stock was purchased at an average price of $30.49 per share, with a total value of $76,225.00. The disclosure for this purchase can be found here. Insiders acquired a total of 4,604 shares of company stock valued at $138,479 over the last quarter. Company insiders own 0.56% of the company’s stock.



A number of large investors have recently made changes to their positions in FAST. Vanguard Group Inc. increased its position in Fastenal by 103.6% during the 2nd quarter. Vanguard Group Inc. now owns 67,317,971 shares of the company’s stock valued at $2,193,894,000 after buying an additional 34,249,134 shares in the last quarter. BlackRock Inc. increased its position in Fastenal by 114.3% during the 2nd quarter. BlackRock Inc. now owns 43,456,381 shares of the company’s stock valued at $1,416,246,000 after buying an additional 23,182,045 shares in the last quarter. Bank of New York Mellon Corp increased its position in Fastenal by 92.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 31,430,053 shares of the company’s stock valued at $1,024,304,000 after buying an additional 15,082,989 shares in the last quarter. Invesco Ltd. increased its position in Fastenal by 241.9% during the 2nd quarter. Invesco Ltd. now owns 13,737,816 shares of the company’s stock valued at $447,715,000 after buying an additional 9,719,267 shares in the last quarter. Finally, Bares Capital Management Inc. increased its position in Fastenal by 94.5% during the 2nd quarter. Bares Capital Management Inc. now owns 8,677,098 shares of the company’s stock valued at $282,787,000 after buying an additional 4,214,984 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors.

Shares of FAST traded up $0.70 during trading hours on Friday, hitting $29.98. The company had a trading volume of 2,865,789 shares, compared to its average volume of 4,737,520. The company has a market capitalization of $17.18 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Fastenal has a one year low of $24.00 and a one year high of $35.94. The company’s fifty day moving average price is $30.88 and its two-hundred day moving average price is $50.24.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Thursday, July 11th. The company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). Fastenal had a return on equity of 32.27% and a net margin of 14.74%. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the firm posted $0.37 earnings per share. The company’s revenue was up 7.9% on a year-over-year basis. Analysts forecast that Fastenal will post 1.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, July 25th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Wednesday, July 24th. Fastenal’s dividend payout ratio is currently 66.67%.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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