Fastenal (NASDAQ:FAST) had its target price decreased by Wells Fargo & Co from $35.00 to $30.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. Wells Fargo & Co currently has a market perform rating on the stock.
Other analysts have also issued reports about the company. ValuEngine lowered Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Northcoast Research lowered Fastenal from a buy rating to a neutral rating in a report on Monday, April 15th. They noted that the move was a valuation call. Morgan Stanley set a $207.00 target price on Alibaba Group and gave the stock a buy rating in a report on Friday. Buckingham Research set a $31.00 target price on Fastenal and gave the stock a neutral rating in a report on Friday, June 14th. Finally, Raymond James set a $19.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $31.31.
Fastenal stock opened at $30.68 on Friday. The firm has a market capitalization of $17.71 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 1.38 and a beta of 1.25. Fastenal has a 52 week low of $24.00 and a 52 week high of $35.94. The business’s 50-day moving average is $31.78. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 4.68.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, July 25th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.87%. The ex-dividend date is Wednesday, July 24th. Fastenal’s payout ratio is currently 65.15%.
In other Fastenal news, insider Terry Modock Owen sold 1,875 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $70.62, for a total value of $132,412.50. Following the sale, the insider now directly owns 5,375 shares of the company’s stock, valued at $379,582.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sheryl Ann Lisowski sold 9,166 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $64.22, for a total value of $588,640.52. Following the completion of the sale, the chief accounting officer now directly owns 9,466 shares in the company, valued at $607,906.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 163,470 shares of company stock worth $11,485,007. 0.62% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Comerica Securities Inc. lifted its position in shares of Fastenal by 4.6% in the fourth quarter. Comerica Securities Inc. now owns 10,742 shares of the company’s stock valued at $562,000 after acquiring an additional 475 shares in the last quarter. Korea Investment CORP lifted its position in shares of Fastenal by 131.7% in the fourth quarter. Korea Investment CORP now owns 47,508 shares of the company’s stock valued at $2,484,000 after acquiring an additional 27,000 shares in the last quarter. United Services Automobile Association lifted its position in shares of Fastenal by 2.3% in the fourth quarter. United Services Automobile Association now owns 170,602 shares of the company’s stock valued at $8,921,000 after acquiring an additional 3,829 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Fastenal by 17.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,282,850 shares of the company’s stock valued at $67,081,000 after acquiring an additional 192,809 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its position in shares of Fastenal by 31.7% in the fourth quarter. Natixis Advisors L.P. now owns 106,613 shares of the company’s stock valued at $5,574,000 after acquiring an additional 25,688 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors.
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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