Fastenal (NASDAQ:FAST) Receives $73.33 Consensus Target Price from Brokerages

Shares of Fastenal (NASDAQ:FAST) have received an average recommendation of “Hold” from the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $73.33.

A number of research analysts have issued reports on the company. Bank of America assumed coverage on Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price target for the company. Jefferies Financial Group cut 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. Robert W. Baird boosted their target price on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price target (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Finally, Stephens upped their target price on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th.

Fastenal Price Performance

FAST stock opened at $78.09 on Friday. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. Fastenal has a 52-week low of $58.23 and a 52-week high of $79.04. The stock’s 50 day moving average is $72.35 and its two-hundred day moving average is $68.38. The company has a market capitalization of $44.74 billion, a PE ratio of 38.85, a P/E/G ratio of 4.58 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the previous year, the business earned $0.52 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. Analysts predict that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 2.00%. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Activity at Fastenal

In related news, EVP Anthony Paul Broersma sold 680 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total value of $52,944.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP John Lewis Soderberg sold 488 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $76.32, for a total value of $37,244.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony Paul Broersma sold 680 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 190,261 shares of company stock valued at $13,874,979. 0.41% of the stock is owned by corporate insiders.

Institutional Trading of Fastenal

Hedge funds and other institutional investors have recently made changes to their positions in the company. Haverford Trust Co lifted its stake in Fastenal by 20.5% in the third quarter. Haverford Trust Co now owns 18,340 shares of the company’s stock valued at $1,310,000 after buying an additional 3,116 shares during the period. Commonwealth Retirement Investments LLC increased its holdings in Fastenal by 2.8% in the 3rd quarter. Commonwealth Retirement Investments LLC now owns 22,235 shares of the company’s stock worth $1,588,000 after acquiring an additional 609 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Fastenal by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,416,628 shares of the company’s stock worth $101,176,000 after acquiring an additional 17,997 shares during the last quarter. First National Trust Co purchased a new stake in Fastenal in the 3rd quarter worth about $211,000. Finally, Harbour Investments Inc. grew its holdings in Fastenal by 9.7% during the 3rd quarter. Harbour Investments Inc. now owns 13,980 shares of the company’s stock valued at $998,000 after buying an additional 1,231 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

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.