Fastenal (NASDAQ:FAST) Upgraded by DA Davidson to Hold Rating

DA Davidson upgraded shares of Fastenal (NASDAQ:FAST) to a hold rating in a research report sent to investors on Tuesday, Marketbeat.com reports. DA Davidson currently has $46.00 price objective on the stock.

Several other equities research analysts also recently issued reports on FAST. Benchmark reiterated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Wolfe Research lowered their price target on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a report on Tuesday, April 14th. Sanford C. Bernstein reissued an “underperform” rating and issued a $42.00 price target on shares of Fastenal in a report on Tuesday, April 14th. Finally, Morgan Stanley reissued a “positive” rating and issued a $45.00 price target on shares of Fastenal in a report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.57.

Fastenal Trading Down 0.1%

Shares of NASDAQ:FAST opened at $46.05 on Tuesday. Fastenal has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a market capitalization of $52.87 billion, a P/E ratio of 40.40, a price-to-earnings-growth ratio of 2.93 and a beta of 0.73. The company has a 50-day simple moving average of $45.14 and a 200 day simple moving average of $44.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the business posted $0.52 EPS. Fastenal’s revenue was up 12.4% on a year-over-year basis. Sell-side analysts forecast that Fastenal will post 1.24 earnings per share for the current year.

Fastenal Dividend Announcement

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Brighton Jones LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC raised its position in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Fastenal in the second quarter valued at approximately $158,000. Jump Financial LLC acquired a new stake in shares of Fastenal in the second quarter valued at approximately $2,199,000. Finally, Cary Street Partners Financial LLC raised its position in shares of Fastenal by 111.0% in the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after buying an additional 1,771 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

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.