Brokerages Set Fastenal (FAST) Price Target at $55.25

Shares of Fastenal (NASDAQ:FAST) have earned a consensus recommendation of “Hold” from the fourteen analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $55.25.

Several brokerages have issued reports on FAST. BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, October 31st. Buckingham Research assumed coverage on Fastenal in a research report on Monday, October 22nd. They set a “neutral” rating and a $50.00 price target for the company. ValuEngine cut Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, October 17th. Wells Fargo & Co set a $50.00 price objective on Fastenal and gave the company a “hold” rating in a research report on Thursday, October 11th. Finally, Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th.

In other news, insider William Joseph Drazkowski purchased 830 shares of the firm’s stock in a transaction dated Tuesday, October 23rd. The shares were purchased at an average price of $50.54 per share, with a total value of $41,948.20. Following the completion of the acquisition, the insider now owns 2,790 shares in the company, valued at approximately $141,006.60. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Terry Modock Owen purchased 1,500 shares of the firm’s stock in a transaction dated Friday, October 12th. The stock was purchased at an average cost of $52.07 per share, for a total transaction of $78,105.00. Following the acquisition, the insider now owns 3,500 shares of the company’s stock, valued at approximately $182,245. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 5,795 shares of company stock worth $299,849. 0.56% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FAST. CIBC World Markets Inc. grew its stake in shares of Fastenal by 5.6% during the second quarter. CIBC World Markets Inc. now owns 17,952 shares of the company’s stock valued at $864,000 after buying an additional 960 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in shares of Fastenal by 2.3% during the second quarter. Raymond James Trust N.A. now owns 42,630 shares of the company’s stock worth $2,052,000 after purchasing an additional 968 shares during the period. Bradley Foster & Sargent Inc. CT lifted its holdings in Fastenal by 1.9% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 51,169 shares of the company’s stock worth $2,463,000 after buying an additional 975 shares during the period. Boston Research & Management Inc. lifted its holdings in Fastenal by 1.4% in the second quarter. Boston Research & Management Inc. now owns 75,678 shares of the company’s stock worth $3,642,000 after buying an additional 1,010 shares during the period. Finally, Diversified Investment Strategies LLC lifted its holdings in Fastenal by 1.3% in the third quarter. Diversified Investment Strategies LLC now owns 80,445 shares of the company’s stock worth $4,667,000 after buying an additional 1,035 shares during the period. 86.30% of the stock is currently owned by institutional investors and hedge funds.

Fastenal stock traded up $0.44 on Thursday, reaching $55.13. The company’s stock had a trading volume of 2,898,893 shares, compared to its average volume of 2,888,406. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35. The firm has a market cap of $15.36 billion, a P/E ratio of 28.56, a P/E/G ratio of 1.48 and a beta of 1.01. Fastenal has a twelve month low of $46.72 and a twelve month high of $61.14.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 earnings per share. On average, equities research analysts predict that Fastenal will post 2.58 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. Fastenal’s payout ratio is presently 82.90%.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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