Fastenal Company (FAST) Receives Average Rating of “Buy” from Analysts
Fastenal Company (NASDAQ:FAST) has received an average rating of “Buy” from the twenty brokerages that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation, ten have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $50.36.
A number of brokerages recently issued reports on FAST. Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, April 19th. UBS AG upgraded Fastenal from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 19th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research note on Tuesday, April 18th. BMO Capital Markets reiterated a “hold” rating and issued a $50.00 target price on shares of Fastenal in a research note on Wednesday, April 12th. Finally, Stephens assumed coverage on Fastenal in a research note on Friday, June 2nd. They issued an “overweight” rating and a $54.00 target price on the stock.
In other Fastenal news, Director Daniel L. Johnson acquired 600 shares of the business’s stock in a transaction dated Monday, July 24th. The stock was acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Holden Lewis acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 25th. The stock was acquired at an average price of $43.76 per share, with a total value of $43,760.00. Following the completion of the transaction, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $43,760. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 3,600 shares of company stock valued at $154,256. 0.55% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its stake in shares of Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after buying an additional 88 shares during the last quarter. FNY Managed Accounts LLC purchased a new stake in shares of Fastenal during the first quarter valued at approximately $133,000. CENTRAL TRUST Co boosted its stake in shares of Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in shares of Fastenal by 9.1% in the second quarter. Penserra Capital Management LLC now owns 4,316 shares of the company’s stock valued at $187,000 after buying an additional 360 shares during the last quarter. Hedge funds and other institutional investors own 82.54% of the company’s stock.
Fastenal (FAST) traded down 1.35% on Tuesday, hitting $42.49. 2,003,270 shares of the company’s stock traded hands. Fastenal has a 12 month low of $37.70 and a 12 month high of $52.74. The stock has a market cap of $12.24 billion, a P/E ratio of 23.38 and a beta of 0.98. The stock has a 50 day moving average price of $43.26 and a 200-day moving average price of $46.80.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. Fastenal’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $0.46 earnings per share. Equities analysts predict that Fastenal will post $1.92 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio is currently 70.33%.
Fastenal declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Fastenal Company Profile
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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