Fastenal (NASDAQ:FAST) Price Target Raised to $51.00

Fastenal (NASDAQ:FAST) had its price target upped by Robert W. Baird from $49.00 to $51.00 in a research report report published on Thursday morning, Marketbeat.com reports. They currently have an outperform rating on the stock.

FAST has been the subject of several other reports. Wolfe Research reduced their price objective on Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a report on Wednesday, January 21st. UBS Group reiterated a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Barclays set a $43.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $48.18.

Fastenal Price Performance

FAST opened at $47.73 on Thursday. Fastenal has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The firm has a 50-day moving average of $42.54 and a 200 day moving average of $44.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The firm has a market cap of $54.80 billion, a P/E ratio of 43.39, a PEG ratio of 3.04 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the previous year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, research analysts expect that Fastenal will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, January 29th. Fastenal’s dividend payout ratio (DPR) is 87.27%.

Insider Buying and Selling

In other news, Director Hsenghung Sam Hsu bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, with a total value of $49,580.00. Following the acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. The trade was a 11.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sarah N. Nielsen purchased 1,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The stock was purchased at an average cost of $39.60 per share, with a total value of $39,600.00. Following the completion of the acquisition, the director owned 5,000 shares in the company, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fastenal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FAST. Values First Advisors Inc. lifted its position in shares of Fastenal by 183.0% during the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock valued at $394,000 after buying an additional 6,064 shares in the last quarter. Nordea Investment Management AB raised its stake in Fastenal by 6.3% during the 3rd quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock worth $181,626,000 after acquiring an additional 219,154 shares during the period. Vanguard Group Inc. lifted its holdings in Fastenal by 103.5% during the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after purchasing an additional 75,852,223 shares in the last quarter. National Pension Service lifted its holdings in Fastenal by 3.6% during the third quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after purchasing an additional 53,888 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its position in shares of Fastenal by 7,923.2% in the third quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock worth $62,222,000 after purchasing an additional 1,252,981 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.