Fastenal Replaces Fannie Mae on S&P 500

Jason Sandefur

Fastenal Co. will replace Fannie Mae on the Standard & Poor’s 500 Index, following news of a multi-billion government bailout for mortgage giants Fannie Mae and Freddie Mac. The move drove Fastenal’s stock price to a yearly high of $54 per share.

Fastenal sales for 2007 jumped 14% to $2.06 billion, while net earnings improved 16.9% $232.6 million. The company opened 161 new stores last year, bringing its total 2,161 and boosting its workforce by 15%.

During 2007 Fastenal announced a shift in its growth strategy, moving from double-digit growth in new store openings to adding more outside salespeople at existing locations. Web: fastenal.com �2008 FastenerNews.com