Fastenal Co. (FAST) Downgraded to Hold at Argus
Fastenal Co. (NASDAQ:FAST) was downgraded by equities research analysts at Argus from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
Other research analysts also recently issued reports about the company. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Fastenal in a research note on Sunday, September 4th. Robert W. Baird reaffirmed a “neutral” rating and set a $45.00 price target on shares of Fastenal in a research note on Thursday. BMO Capital Markets set a $45.00 price target on Fastenal and gave the stock a “hold” rating in a research note on Wednesday. Zacks Investment Research downgraded Fastenal from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 14th. Finally, Credit Suisse Group AG reissued a “neutral” rating and set a $43.00 price objective on shares of Fastenal in a report on Friday, June 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and one has given a buy rating to the stock. Fastenal presently has an average rating of “Hold” and an average target price of $47.15.
Shares of Fastenal (NASDAQ:FAST) opened at 38.34 on Friday. The stock has a 50 day moving average price of $41.44 and a 200-day moving average price of $44.06. The firm has a market capitalization of $11.08 billion, a PE ratio of 21.91 and a beta of 0.99. Fastenal has a 52-week low of $35.10 and a 52-week high of $49.99.
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Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, October 11th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The firm had revenue of $1.01 billion for the quarter. During the same quarter in the prior year, the business posted $0.47 earnings per share. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities analysts forecast that Fastenal will post $1.74 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Friday, October 21st. Fastenal’s dividend payout ratio (DPR) is 69.77%.
A number of institutional investors have recently made changes to their positions in FAST. MSI Financial Services Inc raised its position in shares of Fastenal by 34.7% in the third quarter. MSI Financial Services Inc now owns 5,820 shares of the company’s stock valued at $243,000 after buying an additional 1,500 shares during the period. Capstone Asset Management Co. raised its position in shares of Fastenal by 11.9% in the third quarter. Capstone Asset Management Co. now owns 56,221 shares of the company’s stock valued at $2,349,000 after buying an additional 5,980 shares during the period. Pensionfund Sabic purchased a new position in shares of Fastenal during the third quarter valued at $1,755,000. Pensionfund DSM Netherlands purchased a new position in shares of Fastenal during the third quarter valued at $3,802,000. Finally, Carroll Financial Associates Inc. raised its position in shares of Fastenal by 2.9% in the third quarter. Carroll Financial Associates Inc. now owns 12,697 shares of the company’s stock valued at $530,000 after buying an additional 359 shares during the period. 82.12% of the stock is owned by institutional investors and hedge funds.
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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