The Fastenal Company (FAST) will raise its quarterly dividend by 13.6 percent to 25 cents per share in 2020. This follows a double digit dividend hike by the industrial wholesale company in the previous two years.
The next dividend will be paid on February 28, 2020 to shareholders of record at the close of business on January 31, 2020. A new annual rate of $1.00 per share yields 2.8% at a stock price of $35.83.
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.