Fastenal (FAST) Joins Wolfe Research Favorites List on Manufacturing Recovery Play

Fastenal Company (NASDAQ:FAST) is included among the Dividend Kings and Aristocrats List: 32 Biggest Stocks.

Fastenal Company (NASDAQ:FAST) was added to Wolfe Research’s favorites list, according to a CNBC report published on March 16. The report noted that the stock has been outperforming, rising over 12% so far this year. It also offers a 2.11% dividend yield. The company is often seen as a play on a recovery in US manufacturing. It has also been expanding its footprint.

Fastenal recently said it will begin construction on a new 900,000 square-foot operations and logistics hub in Carrollton, Georgia. Its fourth-quarter earnings came in line with expectations, though revenue missed estimates. More recently, the company reported February net sales growth of 13.3%, up from 12% growth in January. It is scheduled to report first-quarter results on April 13.

On March 14, Fastenal confirmed plans to build a new Southeast US regional operations and logistics center in Carrollton. The groundbreaking ceremony is set for March 24 at the Old Airport Road Development site.

Fastenal Company (NASDAQ:FAST) operates as a wholesale distributor of industrial and construction supplies. Its product range includes fasteners such as bolts, nuts, screws, studs, and washers, along with other related hardware and supplies.

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