Stephens Raises Fastenal (NASDAQ:FAST) Price Target to $75.00

Fastenal (NASDAQ:FAST) had its target price upped by Stephens from $56.00 to $75.00 in a research report released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley initiated coverage on shares of Fastenal in a report on Friday, September 6th. They issued an equal weight rating and a $72.00 price objective for the company. Bank of America assumed coverage on Fastenal in a report on Monday, October 7th. They issued a buy rating and a $85.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on Fastenal from $57.00 to $63.00 and gave the company a neutral rating in a research report on Thursday, October 10th. Jefferies Financial Group decreased their target price on Fastenal from $74.00 to $65.00 and set a hold rating on the stock in a research report on Thursday, July 11th. 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. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $73.33.

Fastenal Stock Performance

NASDAQ FAST opened at $76.69 on Monday. The firm has a market capitalization of $43.91 billion, a P/E ratio of 38.15, a PEG ratio of 4.13 and a beta of 1.01. The stock has a 50-day simple moving average of $68.98 and a two-hundred day simple moving average of $67.88. 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 fifty-two week low of $56.41 and a fifty-two week high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. Fastenal’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. On average, equities analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the business’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 of the company’s stock, valued at approximately $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of hedge funds have recently modified their holdings of the company. Nomura Holdings Inc. acquired a new position in Fastenal in the 4th quarter valued at about $747,000. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Fastenal by 98.6% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock valued at $9,126,000 after acquiring an additional 58,726 shares during the last quarter. Empowered Funds LLC grew its position in Fastenal by 205.4% in the first quarter. Empowered Funds LLC now owns 27,181 shares of the company’s stock worth $2,097,000 after acquiring an additional 18,281 shares during the period. Cetera Investment Advisers increased its stake in Fastenal by 499.7% during the first quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock worth $10,186,000 after acquiring an additional 110,027 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in Fastenal by 7.2% in the first quarter. Nordea Investment Management AB now owns 1,371,825 shares of the company’s stock valued at $106,316,000 after purchasing an additional 91,754 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

About Fastenal

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.