Barclays Has Lowered Expectations for Fastenal (NASDAQ:FAST) Stock Price

Fastenal (NASDAQ:FAST) had its price objective decreased by equities researchers at Barclays from $47.00 to $46.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 1.12% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Robert W. Baird cut their target price on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, July 8th. DA Davidson reiterated a “neutral” rating and set a $46.00 price target on shares of Fastenal in a report on Wednesday. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Finally, Morgan Stanley set a $48.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $48.83.

Fastenal Stock Performance

NASDAQ FAST opened at $45.49 on Thursday. Fastenal has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The stock has a market cap of $52.22 billion, a PE ratio of 38.55, a PEG ratio of 2.93 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.34 and a current ratio of 4.18. The firm’s fifty day moving average price is $45.71 and its two-hundred day moving average price is $45.18.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. Fastenal’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities analysts expect that Fastenal will post 1.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Fastenal during the 4th quarter valued at $646,046,000. Wellington Management Group LLP grew its holdings in Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after purchasing an additional 8,574,208 shares during the period. Bank of America Corp DE grew its holdings in Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares during the period. Invesco Ltd. increased its stake in Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its stake in Fastenal by 1,039.6% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after purchasing an additional 2,132,593 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

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.