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New Dividend: 19 cents quarterly (per share)
Dividend Percent Increase: 11.76%
Current Yield: 1.71%
Fastener and maintenance product supplier
Fastenal(FAST - Get Report) is another name that announced a dividend hike this week. On Wednesday, FAST reported that it would be increasing its quarterly shareholder payout by 11.76% to 19 cents per share. The move puts FAST's dividend yield at 1.71%.
While that doesn't exactly qualify Fastenal for "core income" status, it does point to the fact that this stock's share price has been trailing its fundamental performance in 2012. A bigger dividend means that shareholders get more their share of that financial performance.
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Fastenal owns an attractive share of the maintenance product business through its network of more than 2,600 stores, a geographic footprint that most rivals can't touch. Even though the industry is quite fragmented, Fastenal's best-in-breed status should continue to grow its share -- especially now that FAST has started supplying the U.S. government.
As of the most recently reported quarter, Fastenal was one of
Ruanne Cunniff's holdings.