Fastenal

(FAST) - Get Report

set a plan to buy back an additional 500,000 shares, citing a recent selloff in its stock.

The Winona, Minn., fastener company said it has about 151 million shares outstanding. The repurchase provides a use for currently available cash and for cash received from employees exercising their stock options.

Shares of Fastenal, which traded near $50 as recently as last month, rose 25 cents Wednesday to $36.79.

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