Fastenal (FAST) Upgraded by Credit Suisse Group to Buy
Fastenal (NASDAQ:FAST) was upgraded by research analysts at Credit Suisse Group to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $61.00 target price on the stock. Credit Suisse Group’s target price would suggest a potential upside of 16.86% from the stock’s current price.
Other equities analysts also recently issued research reports about the stock. Stephens reissued a “buy” rating and issued a $62.00 target price on shares of Fastenal in a research note on Thursday. Robert W. Baird reissued a “buy” rating on shares of Fastenal in a research note on Wednesday. BMO Capital Markets reissued a “hold” rating and issued a $57.00 target price on shares of Fastenal in a research note on Tuesday, January 9th. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Thursday, January 4th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $46.00 target price (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $53.50.
Fastenal (FAST) opened at $52.20 on Thursday. Fastenal has a one year low of $39.79 and a one year high of $56.15. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. The company has a market cap of $15,932.92, a price-to-earnings ratio of 27.77, a PEG ratio of 1.86 and a beta of 1.09.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, January 17th. The company reported $0.45 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.45. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm posted $0.40 EPS. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. sell-side analysts forecast that Fastenal will post 1.93 earnings per share for the current year.
In other Fastenal news, insider Terry Modock Owen sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $48.02, for a total transaction of $1,440,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Leland J. Hein sold 10,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $48.00, for a total transaction of $480,000.00. Following the transaction, the vice president now directly owns 20,258 shares of the company’s stock, valued at $972,384. The disclosure for this sale can be found here. Insiders have sold a total of 62,746 shares of company stock worth $3,061,819 in the last ninety days. 0.55% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the business. Commonwealth Bank of Australia grew its holdings in Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after acquiring an additional 753 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Fastenal during the 3rd quarter worth $114,000. Cable Hill Partners LLC acquired a new position in Fastenal during the 3rd quarter worth $126,000. Krilogy Financial LLC grew its holdings in Fastenal by 2.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after acquiring an additional 70 shares in the last quarter. Finally, Carlson Capital Management acquired a new position in Fastenal during the 4th quarter worth $219,000. 84.57% of the stock is owned by institutional investors.
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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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