Fastenal Company (NASDAQ:FAST) Receives Average Rating of “Hold” from Analysts

Shares of Fastenal Company (NASDAQ:FAST) have earned an average recommendation of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $48.8333.

A number of research analysts have weighed in on the stock. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, July 8th. Wolfe Research reissued an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Finally, Barclays reduced their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday.

Institutional Investors Weigh In On Fastenal

Institutional investors and hedge funds have recently modified their holdings of the stock. Elyxium Wealth LLC acquired a new position in Fastenal during the 4th quarter worth approximately $25,000. Palladiem LLC purchased a new position in Fastenal in the 4th quarter worth approximately $25,000. Evergreen Advisors LLC acquired a new stake in Fastenal in the first quarter valued at approximately $26,000. MV Capital Management Inc. acquired a new stake in Fastenal in the fourth quarter valued at approximately $29,000. Finally, Field & Main Bank acquired a new stake in Fastenal in the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Fastenal stock opened at $45.49 on Friday. The company has a market cap of $52.22 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. Fastenal has a 12 month low of $38.97 and a 12 month high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.34. The stock’s 50-day moving average is $45.71 and its 200-day moving average is $45.18.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. Equities analysts anticipate that Fastenal will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.3%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is 81.36%.

About Fastenal

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.