The Fastenal Company (FAST) will raise its quarterly dividend by 15.6 percent to $0.37 per share in the first quarter of 2018. Last year the dividend was hiked by 6.7 percent.

The new dividend will be paid in cash on February 27, 2018 to shareholders of record at the close of business on January 31, 2018. Fastenal currently has a dividend yield of 2.7%.

Fastenal is engaged in wholesale distribution of industrial and construction supplies, including threaded fasteners and miscellaneous supplies, tools, metal cutting tool blades and abrasives, fluid transfer components and accessories for hydraulic and pneumatic power, material handling, storage and packaging products, janitorial, chemical and paint products, electrical supplies, welding supplies, safety supplies, metals, alloys and materials and office supplies. Fastenal Company began as a partnership in 1967, and was incorporated under the laws of Minnesota in 1968. Fastenal began paying annual dividends in 1991, semi-annual dividends in 2003, and then expanded to quarterly dividends in 2011.