Fastenal (FAST) Cut to Hold at ValuEngine

ValuEngine cut shares of Fastenal (NASDAQ:FAST) from a buy rating to a hold rating in a report issued on Wednesday.

Other analysts have also recently issued reports about the stock. BidaskClub upgraded shares of Fastenal from a hold rating to a buy rating in a research note on Tuesday, August 21st. Longbow Research upgraded shares of Fastenal from a neutral rating to a buy rating and set a $63.00 target price for the company in a research note on Tuesday. They noted that the move was a valuation call. 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. Wells Fargo & Co set a $50.00 target price on shares of Fastenal and gave the company a hold rating in a research note on Thursday, October 11th. Finally, 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $57.00.

FAST stock opened at $55.25 on Wednesday. The company has a quick ratio of 2.48, a current ratio of 5.35 and a debt-to-equity ratio of 0.17. The company has a market cap of $16.45 billion, a P/E ratio of 28.63, a P/E/G ratio of 1.58 and a beta of 1.08. Fastenal has a 52 week low of $47.37 and a 52 week high of $61.14.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the company posted $0.50 earnings per share. As a group, analysts anticipate that Fastenal will post 2.59 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Tuesday, October 23rd. Fastenal’s dividend payout ratio (DPR) is presently 82.90%.

In other news, insider William Joseph Drazkowski acquired 830 shares of Fastenal stock in a transaction dated Tuesday, October 23rd. The stock was acquired at an average cost of $50.54 per share, for a total transaction of $41,948.20. Following the completion of the purchase, the insider now owns 2,790 shares of the company’s stock, valued at $141,006.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael John Dolan sold 5,000 shares of the business’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $900,000. The disclosure for this sale can be found here. Insiders acquired 5,795 shares of company stock valued at $299,849 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Delta Asset Management LLC TN lifted its stake in shares of Fastenal by 3,540.7% in the third quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock worth $182,000 after buying an additional 3,045 shares during the last quarter. Canton Hathaway LLC acquired a new stake in shares of Fastenal in the third quarter worth $186,000. Twin Tree Management LP acquired a new stake in shares of Fastenal in the second quarter worth $203,000. Meyer Handelman Co. acquired a new stake in shares of Fastenal in the third quarter worth $203,000. Finally, Stonebridge Capital Advisors LLC acquired a new stake in shares of Fastenal in the third quarter worth $214,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

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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