KeyCorp Reaffirms Buy Rating for Fastenal Company (FAST)
Fastenal Company (NASDAQ:FAST)‘s stock had its “buy” rating reaffirmed by stock analysts at KeyCorp in a research report issued to clients and investors on Thursday. They currently have a $52.00 price objective on the stock. KeyCorp’s price objective would indicate a potential upside of 13.18% from the stock’s previous close.
A number of other equities research analysts have also recently weighed in on FAST. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Northcoast Research began coverage on Fastenal in a research note on Tuesday, July 25th. They issued a “buy” rating and a $54.00 target price for the company. BMO Capital Markets reissued a “market perform” rating and issued a $51.00 target price (up from $46.00) on shares of Fastenal in a research note on Tuesday. Stephens set a $54.00 price objective on Fastenal and gave the stock a “buy” rating in a research note on Wednesday. Finally, Wells Fargo & Company reaffirmed a “market perform” rating and set a $47.00 price objective (down from $51.00) on shares of Fastenal in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal currently has a consensus rating of “Buy” and an average target price of $50.80.
Shares of Fastenal (FAST) traded up 3.21% during trading on Thursday, hitting $45.94. The company’s stock had a trading volume of 4,648,143 shares. The firm’s 50 day moving average is $43.81 and its 200-day moving average is $44.34. The company has a market capitalization of $13.23 billion, a P/E ratio of 25.28 and a beta of 1.00. Fastenal has a 1-year low of $37.70 and a 1-year high of $52.74.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.50. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the company earned $0.44 EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis. Analysts forecast that Fastenal will post $1.92 EPS for the current fiscal year.
Fastenal announced that its Board of Directors has approved a share repurchase plan on Tuesday, July 11th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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In other news, Director Daniel L. Johnson purchased 600 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were bought 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, Director Stephen L. Eastman purchased 800 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average price of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 3,400 shares of company stock worth $142,960. Corporate insiders own 0.55% of the company’s stock.
Several institutional investors have recently modified their holdings of FAST. BlackRock Inc. lifted its holdings in shares of Fastenal by 3,168.1% in the first quarter. BlackRock Inc. now owns 17,459,557 shares of the company’s stock valued at $899,168,000 after purchasing an additional 16,925,319 shares in the last quarter. FMR LLC lifted its holdings in shares of Fastenal by 150.9% in the first quarter. FMR LLC now owns 2,875,059 shares of the company’s stock valued at $148,066,000 after purchasing an additional 1,729,206 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Fastenal by 357.0% in the second quarter. Janus Henderson Group PLC now owns 1,822,655 shares of the company’s stock valued at $79,340,000 after purchasing an additional 1,423,856 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Fastenal by 4.6% in the first quarter. Vanguard Group Inc. now owns 30,629,887 shares of the company’s stock valued at $1,577,439,000 after purchasing an additional 1,345,542 shares in the last quarter. Finally, Nicholas Company Inc. lifted its holdings in shares of Fastenal by 184.9% in the second quarter. Nicholas Company Inc. now owns 1,210,440 shares of the company’s stock valued at $52,690,000 after purchasing an additional 785,595 shares in the last quarter. Institutional investors own 83.02% of the company’s stock.
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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