Short Interest in Fastenal (NASDAQ:FAST) Drops By 10.7%

Fastenal (NASDAQ:FAST) was the target of a significant drop in short interest during the month of November. As of November 29th, there was short interest totalling 30,520,000 shares, a drop of 10.7% from the November 14th total of 34,170,000 shares. Approximately 5.4% of the company’s shares are short sold. Based on an average daily volume of 4,584,500 shares, the days-to-cover ratio is currently 6.7 days.

FAST stock traded down $0.62 during trading on Friday, reaching $37.03. 4,019,905 shares of the stock traded hands, compared to its average volume of 3,233,928. The firm has a market capitalization of $21.59 billion, a PE ratio of 28.05, a P/E/G ratio of 1.95 and a beta of 1.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.51 and a quick ratio of 2.06. The business’s 50 day moving average price is $36.27 and its 200-day moving average price is $32.85. Fastenal has a 52-week low of $24.60 and a 52-week high of $37.94.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.38 billion. Fastenal had a return on equity of 32.03% and a net margin of 14.77%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business posted $0.34 EPS. On average, equities research analysts predict that Fastenal will post 1.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, October 25th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend was Thursday, October 24th. Fastenal’s dividend payout ratio (DPR) is presently 66.67%.

Several analysts have commented on the company. BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday. Edward Jones lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Cleveland Research reissued a “hold” rating on shares of Fastenal in a research report on Tuesday, September 24th. ValuEngine downgraded shares of Fastenal from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Finally, Raymond James lowered shares of Fastenal from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $73.78.

In related news, EVP Charles S. Miller sold 4,376 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $35.98, for a total transaction of $157,448.48. Following the transaction, the executive vice president now directly owns 11,876 shares in the company, valued at $427,298.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Willard D. Oberton sold 100,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $37.00, for a total value of $3,700,000.00. Following the transaction, the director now owns 114,194 shares in the company, valued at $4,225,178. The disclosure for this sale can be found here. Insiders have sold 190,370 shares of company stock worth $6,979,721 in the last 90 days. Insiders own 0.56% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Resources Management Corp CT ADV purchased a new stake in Fastenal during the third quarter worth approximately $59,000. Millennium Management LLC raised its stake in shares of Fastenal by 4,345.2% in the 3rd quarter. Millennium Management LLC now owns 142,514 shares of the company’s stock valued at $4,655,000 after acquiring an additional 139,308 shares during the period. National Pension Service raised its stake in shares of Fastenal by 5.4% in the 3rd quarter. National Pension Service now owns 831,491 shares of the company’s stock valued at $27,165,000 after acquiring an additional 42,708 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in shares of Fastenal by 2.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 332,576 shares of the company’s stock valued at $10,865,000 after acquiring an additional 6,483 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its holdings in shares of Fastenal by 7.3% during the 3rd quarter. Penserra Capital Management LLC now owns 4,416 shares of the company’s stock valued at $144,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 84.48% of the company’s stock.

About Fastenal

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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