Fastenal (NASDAQ:FAST) Price Target Raised to $52.00

Fastenal (NASDAQ:FAST) had its price target hoisted by Morgan Stanley from $48.00 to $52.00 in a report released on Thursday morning, Marketbeat reports. Morgan Stanley currently has an equal weight rating on the stock.

FAST has been the topic of several other research reports. Robert W. Baird decreased their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Bank of America lifted their price target on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, July 8th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Stock Down 2.5%

Shares of FAST opened at $45.49 on Thursday. The company has a market capitalization of $52.22 billion, a P/E ratio of 38.55, a PEG ratio of 2.86 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.34. Fastenal has a one year low of $38.97 and a one year high of $50.63. The business’s 50 day simple moving average is $45.71 and its 200-day simple moving average is $45.18.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period last year, the firm posted $0.29 EPS. The business’s revenue was up 14.7% on a year-over-year basis. As a group, sell-side analysts predict that Fastenal will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

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

Institutional Investors Weigh In On Fastenal

A number of institutional investors and hedge funds have recently made changes to their positions in FAST. Evergreen Advisors LLC bought a new stake in Fastenal during the 1st quarter worth about $26,000. Palladiem LLC acquired a new position in Fastenal during the 4th quarter valued at about $25,000. Elyxium Wealth LLC bought a new position in shares of Fastenal in the 4th quarter valued at about $25,000. MV Capital Management Inc. bought a new position in shares of Fastenal in the 4th quarter valued at about $29,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of Fastenal in the 3rd quarter valued at about $36,000. Institutional investors own 81.38% of the company’s stock.

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.