Argus Downgrades Fastenal Co. (FAST) to Hold
Fastenal Co. (NASDAQ:FAST) was downgraded by equities research analysts at Argus from a “buy” rating to a “hold” rating in a report issued on Friday.
Several other research firms also recently issued reports on FAST. Morgan Stanley began coverage on shares of Fastenal in a report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 price objective for the company. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $43.00 price objective on shares of Fastenal in a report on Friday, June 17th. BMO Capital Markets reaffirmed a “market perform” rating and set a $47.00 price objective on shares of Fastenal in a report on Wednesday, July 13th. Macquarie began coverage on shares of Fastenal in a report on Thursday, August 25th. They set a “neutral” rating and a $50.00 price objective for the company. Finally, Wells Fargo & Co. reaffirmed a “hold” rating on shares of Fastenal in a report on Sunday, September 4th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $47.15.
Shares of Fastenal (NASDAQ:FAST) opened at 38.34 on Friday. The company’s 50 day moving average is $41.44 and its 200-day moving average is $44.06. Fastenal has a 12 month low of $35.10 and a 12 month high of $49.99. The company has a market cap 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 posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The firm had revenue of $1.01 billion for the quarter. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.47 earnings per share. Analysts expect that Fastenal will post $1.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, October 25th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, October 21st. Fastenal’s dividend payout ratio (DPR) is currently 69.77%.
Several large investors have recently made changes to their positions in FAST. Cantab Capital Partners LLP purchased a new stake in shares of Fastenal during the second quarter worth about $119,000. American Research & Management Co. boosted its stake in shares of Fastenal by 191.5% in the second quarter. American Research & Management Co. now owns 2,740 shares of the company’s stock worth $122,000 after buying an additional 1,800 shares during the period. Washington Trust Bank boosted its stake in shares of Fastenal by 2.3% in the second quarter. Washington Trust Bank now owns 2,762 shares of the company’s stock worth $123,000 after buying an additional 62 shares during the period. Van ECK Associates Corp boosted its stake in shares of Fastenal by 32.0% in the second quarter. Van ECK Associates Corp now owns 3,131 shares of the company’s stock worth $139,000 after buying an additional 759 shares during the period. Finally, FineMark National Bank & Trust boosted its stake in shares of Fastenal by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,420 shares of the company’s stock worth $152,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 82.12% of the company’s stock.
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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