Fastenal (NASDAQ:FAST) Receives Average Rating of “Hold” from Analysts

Shares of Fastenal (NASDAQ:FAST) have been assigned an average recommendation of “Hold” from the seven ratings firms that are covering the firm, Marketbeat reports. Six research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $67.43.

FAST has been the topic of a number of research reports. Morgan Stanley assumed coverage on shares of Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price on the stock. Jefferies Financial Group decreased their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Stephens reaffirmed an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th.

Fastenal Stock Down 0.2 %

Shares of FAST opened at $70.47 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The stock has a market capitalization of $40.35 billion, a price-to-earnings ratio of 35.06, a PEG ratio of 3.78 and a beta of 1.01. The stock has a fifty day moving average of $67.80 and a 200-day moving average of $68.50.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same period last year, the company earned $0.52 earnings per share. The business’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a dividend of $0.39 per share. The ex-dividend date was Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.21%. Fastenal’s payout ratio is 77.61%.

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FAST. Central Valley Advisors LLC bought a new position in Fastenal in the 2nd quarter valued at about $28,000. MCF Advisors LLC raised its stake in shares of Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares during the last quarter. Triad Wealth Partners LLC bought a new position in shares of Fastenal in the second quarter valued at approximately $32,000. Crewe Advisors LLC boosted its position in shares of Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after buying an additional 428 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in Fastenal during the second quarter worth $35,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Company Profile

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