Fastenal Co. (FAST) Given “Neutral” Rating at Robert W. Baird
Fastenal Co. (NASDAQ:FAST)‘s stock had its “neutral” rating reissued by equities researchers at Robert W. Baird in a note issued to investors on Thursday. They presently have a $45.00 price target on the stock. Robert W. Baird’s price objective indicates a potential upside of 17.37% from the company’s current price.
FAST has been the subject of a number of other reports. Zacks Investment Research raised Fastenal from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Morgan Stanley started coverage on Fastenal in a research note on Thursday, July 7th. They issued an “equal weight” rating and a $46.00 price objective for the company. Vetr lowered Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price objective for the company. in a research note on Tuesday, September 6th. Macquarie started coverage on Fastenal in a research note on Thursday, August 25th. They issued a “neutral” rating and a $50.00 price objective for the company. Finally, Credit Suisse Group AG reaffirmed a “neutral” rating and issued a $43.00 price objective on shares of Fastenal in a research note on Friday, June 17th. One 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 stock. The stock currently has an average rating of “Hold” and a consensus price target of $47.15.
Fastenal (NASDAQ:FAST) traded down 1.84% during midday trading on Thursday, hitting $38.34. The company had a trading volume of 4,829,488 shares. Fastenal has a 52 week low of $35.10 and a 52 week high of $49.99. The stock has a 50 day moving average price of $41.44 and a 200 day moving average price of $44.06. The company has a market capitalization of $11.08 billion, a P/E ratio of 21.91 and a beta of 0.99.
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Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, October 11th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Fastenal had a net margin of 12.61% and a return on equity of 26.84%. The firm had revenue of $1.01 billion for the quarter. During the same period in the previous year, the firm posted $0.47 earnings per share. The company’s revenue was up 1.8% compared to the same quarter last year. Equities analysts forecast that Fastenal will post $1.74 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, October 21st. This represents a $1.20 dividend on an annualized basis and a yield of 3.13%. Fastenal’s dividend payout ratio (DPR) is presently 69.77%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Nicholas Investment Partners LP acquired a new position in shares of Fastenal during the first quarter worth $2,870,000. Cleararc Capital Inc. boosted its position in shares of Fastenal by 2.1% in the first quarter. Cleararc Capital Inc. now owns 7,241 shares of the company’s stock worth $355,000 after buying an additional 152 shares during the period. Riverhead Capital Management LLC boosted its position in shares of Fastenal by 12.1% in the first quarter. Riverhead Capital Management LLC now owns 213,330 shares of the company’s stock worth $10,454,000 after buying an additional 23,105 shares during the period. AXA boosted its position in shares of Fastenal by 12.0% in the first quarter. AXA now owns 109,100 shares of the company’s stock worth $5,346,000 after buying an additional 11,700 shares during the period. Finally, Pictet Asset Management Ltd. boosted its position in shares of Fastenal by 2.1% in the first quarter. Pictet Asset Management Ltd. now owns 149,030 shares of the company’s stock worth $6,750,000 after buying an additional 3,000 shares during the period. 82.12% of the stock is owned by institutional investors.
Fastenal Company Profile
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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