Fastenal Sees Unusually High Options Volume (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) was the recipient of unusually large options trading activity on Friday. Stock traders purchased 5,928 put options on the stock. This is an increase of approximately 196% compared to the average volume of 2,002 put options.

Analysts Set New Price Targets

A number of research firms recently commented on FAST. Morgan Stanley assumed coverage on shares of Fastenal in a research note on Friday. They set an “equal weight” rating and a $72.00 price objective on the stock. Stifel Nicolaus restated a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group cut their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Stephens restated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $67.43.

Insider Buying and Selling

In other news, Director Hsenghung Sam Hsu purchased 500 shares of the company’s stock in a transaction on Monday, June 10th. The shares were bought at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the purchase, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Hsenghung Sam Hsu bought 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average price of $63.28 per share, with a total value of $31,640.00. Following the transaction, the director now directly owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by insiders.

Institutional Trading of Fastenal

Several large investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new stake in Fastenal during the 2nd quarter valued at $6,409,000. Clear Rock Advisors LLC increased its holdings in shares of Fastenal by 1.5% in the 2nd quarter. Clear Rock Advisors LLC now owns 43,149 shares of the company’s stock valued at $2,711,000 after purchasing an additional 650 shares during the period. KPP Advisory Services LLC lifted its position in shares of Fastenal by 11.6% in the second quarter. KPP Advisory Services LLC now owns 6,993 shares of the company’s stock worth $439,000 after purchasing an additional 725 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Fastenal by 5.0% during the second quarter. Cetera Investment Advisers now owns 138,706 shares of the company’s stock worth $8,716,000 after purchasing an additional 6,660 shares during the period. Finally, 3Chopt Investment Partners LLC purchased a new position in Fastenal during the second quarter valued at approximately $233,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of NASDAQ:FAST traded up $0.32 on Friday, reaching $65.50. 597,184 shares of the company traded hands, compared to its average volume of 3,467,276. Fastenal has a fifty-two week low of $53.83 and a fifty-two week high of $79.04. The company’s 50 day moving average is $66.65 and its 200-day moving average is $68.70. The stock has a market capitalization of $37.50 billion, a PE ratio of 32.43, a P/E/G ratio of 3.72 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, analysts anticipate that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

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.