Fastenal (NASDAQ:FAST) Price Target Raised to $43.00

Fastenal (NASDAQ:FAST) had its price target hoisted by Wolfe Research from $42.00 to $43.00 in a research note published on Friday,MarketScreener reports. They currently have an underperform rating on the stock.

A number of other equities analysts have also commented on FAST. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Robert W. Baird increased their price objective on Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. UBS Group reaffirmed a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $48.27.

Fastenal Stock Performance

FAST stock opened at $46.04 on Friday. Fastenal has a twelve month low of $35.31 and a twelve month high of $50.63. The firm has a market cap of $52.87 billion, a price-to-earnings ratio of 41.85, a PEG ratio of 2.94 and a beta of 0.88. The business’s fifty day simple moving average is $43.88 and its two-hundred day simple moving average is $44.33. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting 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 prior year, the business posted $0.46 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. Analysts predict that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were issued a $0.24 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, January 29th. Fastenal’s dividend payout ratio is presently 87.27%.

Insider Activity at Fastenal

In other news, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Fastenal

A number of large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC grew its stake in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the last quarter. Sittner & Nelson LLC boosted its holdings in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares in the last quarter. Founders Capital Management LLC boosted its holdings in Fastenal by 2.2% in the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after acquiring an additional 228 shares in the last quarter. Sowell Financial Services LLC grew its stake in shares of Fastenal by 4.7% during the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after acquiring an additional 238 shares during the last quarter. Finally, L2 Asset Management LLC increased its holdings in shares of Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after acquiring an additional 248 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

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.