FAST - This S&P 500 Stock Is a Genius Buy for Dividend Growth
2023-05-17 05:15:00 ET
With a $30 billion market cap, it isn't too surprising to find industrial stock Fastenal (NASDAQ: FAST) in the S&P 500 index, even though it probably isn't a household name. But given its impressive dividend growth record, it should be a top-of-mind option for income-oriented investors.
Here's why now is a pretty good time to consider adding this vital supplier to your portfolio.
At its core, Fastenal sells little things that get used a lot by its industrial customers. The list is fairly wide, ranging from, as its name suggests, fasteners to tools. From this perspective, the company is pretty boring and easy to understand. But on top of this, management has layered a high-tech business model that turned Fastenal from a parts supplier into a vital partner.
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This S&P 500 Stock Is a Genius Buy for Dividend Growth