Stephens Analysts Give Fastenal Company (FAST) a $54.00 Price Target
Fastenal Company (NASDAQ:FAST) received a $54.00 target price from investment analysts at Stephens in a report issued on Wednesday. The firm presently has a “buy” rating on the stock. Stephens’ price target would indicate a potential upside of 21.32% from the stock’s current price.
FAST has been the subject of a number of other reports. Credit Suisse Group restated a “buy” rating and set a $52.00 target price on shares of Fastenal in a research report on Thursday, July 13th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. UBS AG upgraded shares of Fastenal from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Morgan Stanley restated an “equal weight” rating and set a $43.00 target price (down from $46.00) on shares of Fastenal in a research report on Monday, June 26th. Finally, BidaskClub downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Fastenal has an average rating of “Buy” and an average price target of $50.87.
Fastenal (FAST) traded down 0.78% during midday trading on Wednesday, hitting $44.51. The stock had a trading volume of 8,789,683 shares. The firm has a market capitalization of $12.82 billion, a P/E ratio of 24.46 and a beta of 1.00. Fastenal has a 52-week low of $37.70 and a 52-week high of $52.74. The firm has a 50-day moving average of $43.72 and a 200 day moving average of $44.33.
Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. On average, equities analysts forecast that Fastenal will post $1.92 EPS for the current year.
Fastenal announced that its board has approved a share repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
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In related news, Director Stephen L. Eastman bought 800 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average price of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael John Dolan sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. Insiders have bought 3,400 shares of company stock valued at $142,960 in the last three months. Corporate insiders own 0.55% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Beacon Financial Group purchased a new stake in shares of Fastenal during the third quarter worth about $6,571,000. Curbstone Financial Management Corp increased its stake in shares of Fastenal by 97.5% during the third quarter. Curbstone Financial Management Corp now owns 11,166 shares of the company’s stock worth $509,000 after purchasing an additional 5,513 shares in the last quarter. Sentry Investment Management LLC increased its stake in shares of Fastenal by 1.4% during the second quarter. Sentry Investment Management LLC now owns 16,380 shares of the company’s stock worth $713,000 after purchasing an additional 230 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Fastenal by 25.5% during the second quarter. Toronto Dominion Bank now owns 97,991 shares of the company’s stock worth $4,266,000 after purchasing an additional 19,932 shares in the last quarter. Finally, Archford Capital Strategies LLC increased its stake in shares of Fastenal by 56.2% during the second quarter. Archford Capital Strategies LLC now owns 32,288 shares of the company’s stock worth $381,000 after purchasing an additional 11,622 shares in the last quarter. 83.02% of the stock is owned by institutional investors and hedge funds.
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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