Fastenal Company (NASDAQ:FAST) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Fastenal Company (NASDAQ:FAST) have been assigned a consensus rating of “Hold” from the fourteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $49.5714.

A number of brokerages have commented on FAST. Benchmark reiterated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a report on Thursday, March 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Robert W. Baird cut their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th.

Hedge Funds Weigh In On Fastenal

Several hedge funds have recently modified their holdings of the stock. State Street Corp increased its holdings in shares of Fastenal by 1.2% during the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock valued at $2,196,502,000 after acquiring an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after buying an additional 919,158 shares during the last quarter. Geode Capital Management LLC increased its holdings in Fastenal by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock worth $1,508,216,000 after buying an additional 685,047 shares during the period. Invesco Ltd. raised its position in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after buying an additional 2,242,116 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Fastenal by 12.0% during the 1st quarter. Bank of America Corp DE now owns 16,292,425 shares of the company’s stock worth $755,969,000 after buying an additional 1,744,193 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of Fastenal stock opened at $45.60 on Wednesday. The company has a market capitalization of $52.35 billion, a PE ratio of 40.00, a P/E/G ratio of 2.94 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The company has a 50-day simple moving average of $44.95 and a two-hundred day simple moving average of $44.53. Fastenal has a one year low of $38.97 and a one year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm’s revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. Research analysts expect that Fastenal will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Fastenal’s dividend payout ratio is 84.21%.

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.