Zacks reissued their neutral rating on shares of Fastenal (NASDAQ:FAST) in a research report sent to investors on Wednesday morning, ARN reports. The firm currently has a $51.00 price target on the stock.
Zacks’ analyst wrote, “Fastenal’s second-quarter 2013 earnings of $0.41 per share were in line with the Zacks Consensus Estimate but grew 7.9% year over year, attributable to decent margin growth. Revenues grew 5.3% year over year, but missed the Zacks Consensus Estimate hurt by soft fastener sales and weakness in construction. Fastenal’s daily sales growth rates have been weak for the past few quarters mainly due to weakness in its fastener product line. Vending was also soft in the quarter. However, management’s strategy of slowing down vending pace and instead focus on improving near-term sales sounds encouraging. Moreover, the strategic decision to slow down store growth and instead increase headcount will drive near-term sales growth. We are also encouraged by Fastenal’s other growth drivers like government business and metalworking, which are gaining traction. We therefore, have a Neutral recommendation on the stock with a target price of $51.00.”
Zacks has also updated their ratings on a number of other industrials stocks in the last week. The firm downgraded shares of Textainer Group Holdings Ltd. from a neutral rating to an underperform rating. Their analysts now have a $32.80 price target on that stock. Also, Zacks upgraded shares of MRC Global Inc. from an underperform rating to a neutral rating. Zacks now has a $24.80 price target on that stock. Finally, Zacks reiterated its neutral rating on shares of W.W. Grainger Inc.. They have a $283.00 price target on that stock.
Shares of Fastenal (NASDAQ:FAST) traded up 0.06% during mid-day trading on Wednesday, hitting $47.55. Fastenal has a 52 week low of $40.00 and a 52 week high of $53.38. The stock’s 50-day moving average is currently $46.84. The company has a market cap of $14.116 billion and a P/E ratio of 32.33.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 23rd. Investors of record on Friday, July 26th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Wednesday, July 24th. This is an increase from Fastenal’s previous quarterly dividend of $0.20.
In other Fastenal news, EVP Steven A. Rucinski sold 12,500 shares of the company’s stock on the open market in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $49.00, for a total value of $612,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Fastenal Company is engaged in selling industrial and construction supplies in a wholesale and retail fashion.
To view Zacks’ full report, visit www.zacks.com
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