Stock analysts at Northcoast Research initiated coverage on shares of Fastenal Company (NASDAQ:FAST) in a report released on Tuesday, July 25th, MarketBeat.com reports. The firm set a “buy” rating and a $54.00 price target on the stock. Northcoast Research’s price target would indicate a potential upside of 26.73% from the company’s current price. Northcoast Research also issued estimates for Fastenal’s Q3 2017 earnings at $0.52 EPS, Q4 2017 earnings at $0.45 EPS, FY2017 earnings at $1.95 EPS and FY2018 earnings at $2.18 EPS.
Several other equities analysts have also commented on FAST. BMO Capital Markets restated a “hold” rating and issued a $50.00 price objective on shares of Fastenal in a report on Wednesday, April 12th. Credit Suisse Group restated a “hold” rating and issued a $49.00 price objective on shares of Fastenal in a report on Thursday, April 13th. Argus upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Tuesday, April 18th. Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Tuesday, April 18th. Finally, UBS AG upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $50.14.
Fastenal (NASDAQ:FAST) traded up 0.59% during mid-day trading on Tuesday, reaching $42.61. The company’s stock had a trading volume of 1,603,552 shares. The firm has a market cap of $12.27 billion, a PE ratio of 23.45 and a beta of 0.98. Fastenal has a 12-month low of $37.70 and a 12-month high of $52.74. The company has a 50-day moving average price of $43.14 and a 200-day moving average price of $46.53.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. Fastenal’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 EPS. On average, equities research analysts expect that Fastenal will post $1.92 earnings per share for the current year.
Fastenal announced that its board has approved a stock buyback program on Tuesday, July 11th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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In related news, Director Daniel L. Johnson acquired 600 shares of Fastenal stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $42.71 per share, for a total transaction of $25,626.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Holden Lewis acquired 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, May 25th. The stock was bought at an average price of $43.76 per share, with a total value of $43,760.00. Following the purchase, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $43,760. The disclosure for this purchase can be found here. Insiders bought a total of 3,600 shares of company stock valued at $154,256 in the last 90 days. Company insiders own 0.55% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Fastenal by 3.1% in the second quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock valued at $1,374,380,000 after buying an additional 943,262 shares during the period. BlackRock Inc. increased its position in Fastenal by 1.9% in the second quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock valued at $774,680,000 after buying an additional 336,893 shares during the period. State Street Corp increased its position in Fastenal by 0.6% in the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock valued at $621,683,000 after buying an additional 77,914 shares during the period. Waddell & Reed Financial Inc. increased its position in Fastenal by 2.6% in the first quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock valued at $212,509,000 after buying an additional 104,132 shares during the period. Finally, Bank of America Corp DE increased its position in Fastenal by 3.2% in the first quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock valued at $199,311,000 after buying an additional 120,996 shares during the period. Hedge funds and other institutional investors own 82.54% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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