Fastenal gains after stock split unveiled

Shares of industrial supplies distributor Fastenal FAST.O up 2.2% to $81.93 on Thurs after announcing its board approved two-for-one stock split

Winona, Minnesota-based firm late Weds said holders of record as of May 5 close to receive one additional share for every share owned

FAST to being trading on split-adjusted basis on or about May 22

With ~573.6 mln shares outstanding, co has ~$47 bln market cap

Earlier this month, co reported Q1 rev and profit in-line with consensus as higher-value contracts for its fasteners and other industrial supplies helped mitigate weaker demand from manufacturing and construction sectors

With move on the session, stock up ~14% YTD. That compares to about 3% declines both S&P 500 Capital Goods index .SPLRCIC and S&P 500 Industrials sector .SPLRCI

Of 16 analysts covering FAST, recommendation breakdown is 3 "strong buy", 11 "hold" and 2 "sell"; median PT is $77 - LSEG data