Fastenal (FAST) Receives $55.25 Consensus PT from Brokerages

Shares of Fastenal (NASDAQ:FAST) have received an average rating of “Hold” from the fourteen brokerages that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $55.25.

FAST has been the topic of several research reports. Buckingham Research initiated coverage on shares of Fastenal in a research note on Monday, October 22nd. They issued a “neutral” rating and a $50.00 target price for the company. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Wednesday, October 3rd. BidaskClub upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research note on Tuesday, August 21st. ValuEngine downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. Finally, Wells Fargo & Co set a $50.00 target price on shares of Fastenal and gave the stock a “hold” rating in a research note on Thursday, October 11th.

In related news, insider William Joseph Drazkowski purchased 830 shares of the business’s stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average price of $50.54 per share, with a total value of $41,948.20. Following the purchase, the insider now directly owns 2,790 shares in the company, valued at $141,006.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Holden Lewis acquired 500 shares of the stock in a transaction dated Tuesday, October 16th. The stock was acquired at an average price of $52.28 per share, with a total value of $26,140.00. Following the completion of the acquisition, the chief financial officer now owns 3,500 shares in the company, valued at approximately $182,980. The disclosure for this purchase can be found here. In the last three months, insiders acquired 5,795 shares of company stock valued at $299,849. Corporate insiders own 0.56% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in FAST. Cornerstone Wealth Management LLC bought a new stake in shares of Fastenal in the 2nd quarter worth approximately $1,411,000. Janney Montgomery Scott LLC raised its holdings in Fastenal by 5.2% during the 2nd quarter. Janney Montgomery Scott LLC now owns 38,780 shares of the company’s stock valued at $1,867,000 after buying an additional 1,933 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Fastenal by 36.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 268,435 shares of the company’s stock valued at $12,920,000 after buying an additional 71,783 shares during the last quarter. Alps Advisors Inc. raised its holdings in Fastenal by 29.8% during the 2nd quarter. Alps Advisors Inc. now owns 10,805 shares of the company’s stock valued at $591,000 after buying an additional 2,483 shares during the last quarter. Finally, Achmea Investment Management B.V. raised its holdings in Fastenal by 28.7% during the 2nd quarter. Achmea Investment Management B.V. now owns 66,651 shares of the company’s stock valued at $3,204,000 after buying an additional 14,857 shares during the last quarter. Hedge funds and other institutional investors own 84.37% of the company’s stock.

Shares of FAST remained flat at $$59.26 during trading hours on Monday. 3,082,470 shares of the company were exchanged, compared to its average volume of 3,436,521. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48. Fastenal has a one year low of $47.37 and a one year high of $61.14. The company has a market capitalization of $17.01 billion, a price-to-earnings ratio of 30.70, a P/E/G ratio of 1.63 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 earnings per share. As a group, analysts predict that Fastenal will post 2.59 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Investors of record on Wednesday, October 24th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, October 23rd. This represents a $1.60 annualized dividend and a yield of 2.70%. Fastenal’s dividend payout ratio is currently 82.90%.

Fastenal Company Profile

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

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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