Wolfe Research Forecasts Strong Price Appreciation for Fastenal (NASDAQ:FAST) Stock

Fastenal (NASDAQ:FAST) had its price objective lifted by analysts at Wolfe Research from $43.00 to $46.00 in a research note issued on Tuesday,MarketScreener reports. The firm currently has an “underperform” rating on the stock. Wolfe Research’s target price points to a potential downside of 1.35% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on FAST. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Benchmark restated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Raymond James Financial set a $48.00 target price on Fastenal in a report on Thursday, March 5th. Morgan Stanley reaffirmed a “positive” rating and set a $45.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Finally, Robert W. Baird lifted their price target on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $49.08.

Fastenal Price Performance

FAST opened at $46.63 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The company has a market capitalization of $53.55 billion, a price-to-earnings ratio of 42.39, a P/E/G ratio of 2.95 and a beta of 0.84. The firm’s fifty day moving average price is $45.63 and its two-hundred day moving average price is $43.81. Fastenal has a 1 year low of $35.31 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the company posted $0.46 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts anticipate that Fastenal will post 2.15 earnings per share for the current fiscal year.

Insider Transactions at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at $2,209,500. This trade represents a 24.20% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastenal

Institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its position in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares during the last quarter. Sittner & Nelson LLC grew its stake in shares of Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares during the period. Founders Capital Management LLC increased its holdings in Fastenal by 2.2% in the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after acquiring an additional 228 shares during the last quarter. Sowell Financial Services LLC raised its stake in Fastenal by 4.7% in the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock valued at $260,000 after acquiring an additional 238 shares during the period. Finally, L2 Asset Management LLC raised its stake in Fastenal by 4.8% in the 3rd 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 during the period. 81.38% of the stock is owned by 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.