Fastenal (NASDAQ:FAST) Receives $31.67 Consensus Price Target from Analysts

Shares of Fastenal (NASDAQ:FAST) have been given an average rating of “Hold” by the fourteen ratings firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $31.67.

Several equities research analysts have recently issued reports on FAST shares. Zacks Investment Research raised Fastenal from a “sell” rating to a “hold” rating and set a $34.00 price objective for the company in a research note on Tuesday, September 10th. BidaskClub lowered Fastenal from a “buy” rating to a “hold” rating in a research note on Saturday, September 21st. Morgan Stanley decreased their price target on Fastenal from $31.50 to $29.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Buckingham Research raised their price target on Fastenal from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 17th. Finally, Wells Fargo & Co decreased their price target on Fastenal from $35.00 to $30.00 and set a “market perform” rating for the company in a research note on Friday, July 12th.

In related news, Director Daniel L. Johnson purchased 2,500 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $30.49 per share, for a total transaction of $76,225.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael J. Ancius purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $28.99 per share, for a total transaction of $28,990.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,604 shares of company stock worth $138,479 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Fastenal by 103.6% in the 2nd quarter. Vanguard Group Inc. now owns 67,317,971 shares of the company’s stock valued at $2,193,894,000 after acquiring an additional 34,249,134 shares during the period. BlackRock Inc. increased its holdings in shares of Fastenal by 114.3% in the 2nd quarter. BlackRock Inc. now owns 43,456,381 shares of the company’s stock valued at $1,416,246,000 after acquiring an additional 23,182,045 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Fastenal by 92.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 31,430,053 shares of the company’s stock valued at $1,024,304,000 after acquiring an additional 15,082,989 shares during the period. Invesco Ltd. increased its holdings in shares of Fastenal by 241.9% in the 2nd quarter. Invesco Ltd. now owns 13,737,816 shares of the company’s stock valued at $447,715,000 after acquiring an additional 9,719,267 shares during the period. Finally, Bares Capital Management Inc. grew its stake in Fastenal by 94.5% during the 2nd quarter. Bares Capital Management Inc. now owns 8,677,098 shares of the company’s stock worth $282,787,000 after buying an additional 4,214,984 shares during the last quarter. Institutional investors and hedge funds own 83.85% of the company’s stock.

Shares of NASDAQ:FAST traded up $0.10 during trading on Friday, hitting $32.09. The company had a trading volume of 179,420 shares, compared to its average volume of 3,768,259. The stock has a market cap of $18.18 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 1.44 and a beta of 1.23. Fastenal has a one year low of $24.00 and a one year high of $35.94. The company has a fifty day simple moving average of $31.00 and a two-hundred day simple moving average of $44.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.68 and a quick ratio of 2.13.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Thursday, July 11th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.01). The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.38 billion. Fastenal had a net margin of 14.74% and a return on equity of 32.27%. Fastenal’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.37 earnings per share. On average, equities research analysts anticipate that Fastenal will post 1.37 earnings per share for the current year.

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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