Morgan Stanley Reaffirms “Equal Weight” Rating for Fastenal Company (FAST)
Fastenal Company (NASDAQ:FAST)‘s stock had its “equal weight” rating reiterated by Morgan Stanley in a research report issued on Tuesday.
A number of other research analysts have also recently commented on the company. Longbow Research upgraded Fastenal Company from a “neutral” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Friday, June 2nd. Credit Suisse Group upgraded Fastenal Company from a “neutral” rating to an “outperform” rating and set a $55.00 price target for the company in a research note on Wednesday, April 19th. Argus upgraded Fastenal Company from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a report on Tuesday, April 18th. Raymond James Financial, Inc. upgraded Fastenal Company from a “market perform” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, April 19th. Finally, Zacks Investment Research upgraded Fastenal Company from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Tuesday, March 21st. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Fastenal Company has an average rating of “Hold” and an average target price of $49.83.
Shares of Fastenal Company (FAST) opened at 43.58 on Tuesday. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74. The company’s 50 day moving average price is $43.41 and its 200-day moving average price is $47.58. The firm has a market capitalization of $12.61 billion, a PE ratio of 24.90 and a beta of 0.99.
Fastenal Company (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, April 12th. The company reported $0.46 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.46. Fastenal Company had a return on equity of 26.39% and a net margin of 12.61%. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company earned $0.44 EPS. Fastenal Company’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts expect that Fastenal Company will post $1.88 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.94%. Fastenal Company’s payout ratio is currently 73.14%.
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In other Fastenal Company news, Director Darren R. Jackson purchased 5,000 shares of the firm’s stock in a transaction on Friday, April 28th. The stock was purchased at an average cost of $44.75 per share, for a total transaction of $223,750.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Holden Lewis purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were acquired at an average price of $43.76 per share, with a total value of $43,760.00. Following the completion of the acquisition, the chief financial officer now owns 1,000 shares in the company, valued at approximately $43,760. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 6,700 shares of company stock valued at $299,343. Company insiders own 0.55% of the company’s stock.
A number of hedge funds have recently modified their holdings of FAST. FMR LLC increased its stake in shares of Fastenal Company by 893.7% in the fourth quarter. FMR LLC now owns 1,145,853 shares of the company’s stock worth $53,832,000 after buying an additional 1,030,536 shares during the last quarter. Allianz Asset Management AG acquired a new stake in shares of Fastenal Company during the fourth quarter worth $2,235,000. Thrivent Financial for Lutherans increased its stake in shares of Fastenal Company by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,470 shares of the company’s stock worth $492,000 after buying an additional 620 shares during the last quarter. Numeric Investors LLC acquired a new stake in shares of Fastenal Company during the fourth quarter worth $254,000. Finally, Perigon Wealth Management LLC increased its stake in shares of Fastenal Company by 25.2% in the fourth quarter. Perigon Wealth Management LLC now owns 11,518 shares of the company’s stock worth $597,000 after buying an additional 2,320 shares during the last quarter. Hedge funds and other institutional investors own 82.32% of the company’s stock.
About Fastenal Company
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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