Fastenal (NASDAQ:FAST) Price Target Cut to $65.00 by Analysts at Jefferies Financial Group

Fastenal (NASDAQ:FAST) had its price objective lowered by Jefferies Financial Group from $74.00 to $65.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Other equities research analysts also recently issued research reports about the company. Robert W. Baird dropped their price objective on Fastenal from $71.00 to $69.00 and set a neutral rating on the stock in a research report on Tuesday, May 7th. HSBC raised their price objective on Fastenal from $59.00 to $64.00 and gave the company a hold rating in a research report on Monday, April 15th. Stifel Nicolaus raised their price objective on Fastenal from $75.00 to $85.00 and gave the company a buy rating in a research report on Monday, March 18th. Finally, Loop Capital decreased their price target on Fastenal from $71.00 to $66.00 and set a hold rating for the company in a research note on Monday, April 15th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $68.17.

Fastenal Price Performance

FAST opened at $64.17 on Thursday. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The business’s fifty day simple moving average is $64.93 and its 200-day simple moving average is $68.49. The company has a market capitalization of $36.74 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 3.41 and a beta of 1.01. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the business earned $0.52 EPS. Fastenal’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that Fastenal will post 2.07 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.43%. Fastenal’s payout ratio is 77.23%.

Insider Transactions at Fastenal

In other news, Director Daniel L. Johnson acquired 3,350 shares of Fastenal stock in a transaction dated Wednesday, April 17th. The stock was purchased at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the purchase, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Daniel L. Johnson acquired 3,350 shares of Fastenal stock in a transaction dated Wednesday, April 17th. The stock was purchased at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the purchase, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Hsenghung Sam Hsu acquired 500 shares of Fastenal stock in a transaction dated Monday, June 10th. The stock was purchased at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the purchase, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The disclosure for this purchase can be found here. Company insiders own 0.41% of the company’s stock.

Institutional Trading of Fastenal

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MCF Advisors LLC grew its holdings in Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares during the period. Hartford Financial Management Inc. grew its holdings in Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares during the period. LRI Investments LLC acquired a new stake in Fastenal during the first quarter worth about $39,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Fastenal during the fourth quarter worth about $35,000. Finally, Criterion Capital Advisors LLC acquired a new stake in Fastenal during the fourth quarter worth about $43,000. 81.38% of the stock is owned by institutional investors and hedge funds.

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.