BMO Capital Markets Reiterates $45.00 Price Target for Fastenal Co. (FAST)
Fastenal Co. (NASDAQ:FAST) received a $45.00 target price from stock analysts at BMO Capital Markets in a research report issued to clients and investors on Wednesday. The firm presently has a a “hold” rating on the stock. BMO Capital Markets’ target price points to a potential upside of 15.21% from the stock’s current price.
A number of other equities analysts also recently weighed in on the company. Zacks Investment Research raised Fastenal from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Morgan Stanley assumed coverage on Fastenal in a research report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 price target on the stock. Vetr downgraded Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price target on the stock. in a research report on Tuesday, September 6th. Macquarie assumed coverage on Fastenal in a research report on Thursday, August 25th. They set a “neutral” rating and a $50.00 price target on the stock. Finally, Credit Suisse Group AG reissued a “neutral” rating and set a $43.00 price target on shares of Fastenal in a research report on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $47.30.
Fastenal (NASDAQ:FAST) traded down 1.64% during trading on Wednesday, hitting $38.42. The company had a trading volume of 3,837,481 shares. Fastenal has a one year low of $35.10 and a one year high of $49.99. The stock has a 50-day moving average of $41.60 and a 200 day moving average of $44.10. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 21.95 and a beta of 0.99.
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Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, October 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.01. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The company had revenue of $1.01 billion for the quarter. During the same quarter in the previous year, the firm earned $0.47 EPS. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts forecast that Fastenal will post $1.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.07%. The ex-dividend date is Friday, October 21st. Fastenal’s payout ratio is presently 69.77%.
Large investors have recently added to or reduced their stakes in the company. Ngam Advisors L.P. boosted its stake in Fastenal by 52.6% in the first quarter. Ngam Advisors L.P. now owns 26,251 shares of the company’s stock valued at $1,286,000 after buying an additional 9,050 shares during the last quarter. Prudential Financial Inc. boosted its stake in Fastenal by 2.9% in the first quarter. Prudential Financial Inc. now owns 357,903 shares of the company’s stock valued at $17,537,000 after buying an additional 10,130 shares during the last quarter. Aviva PLC boosted its stake in Fastenal by 1.2% in the first quarter. Aviva PLC now owns 133,840 shares of the company’s stock valued at $6,558,000 after buying an additional 1,565 shares during the last quarter. BB&T Securities LLC boosted its stake in Fastenal by 235.9% in the first quarter. BB&T Securities LLC now owns 309,729 shares of the company’s stock valued at $15,176,000 after buying an additional 217,522 shares during the last quarter. Finally, Zebra Capital Management LLC boosted its stake in Fastenal by 22.1% in the first quarter. Zebra Capital Management LLC now owns 23,288 shares of the company’s stock valued at $1,141,000 after buying an additional 4,216 shares during the last quarter. Hedge funds and other institutional investors own 82.12% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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