Brokerages Set Fastenal (NASDAQ:FAST) PT at $51.86

Fastenal (NASDAQ:FASTGet Rating) has earned an average recommendation of “Hold” from the eight brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $51.86.

A number of brokerages recently weighed in on FAST. StockNews.com lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Saturday, October 15th. Jefferies Financial Group reiterated a “hold” rating and set a $50.00 price objective on shares of Fastenal in a report on Monday, October 17th. Finally, Morgan Stanley lifted their price objective on shares of Fastenal from $42.00 to $43.00 and gave the company an “underweight” rating in a report on Friday, October 14th.

Insider Activity

In other Fastenal news, Director Stephen L. Eastman purchased 1,000 shares of Fastenal stock in a transaction dated Friday, October 14th. The stock was acquired at an average price of $43.88 per share, for a total transaction of $43,880.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $438,800. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Fastenal news, Director Stephen L. Eastman purchased 1,000 shares of Fastenal stock in a transaction dated Friday, October 14th. The stock was acquired at an average price of $43.88 per share, for a total transaction of $43,880.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $438,800. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Daniel L. Florness acquired 4,000 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was purchased at an average cost of $48.00 per share, for a total transaction of $192,000.00. Following the transaction, the chief executive officer now owns 281,929 shares in the company, valued at $13,532,592. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 6,500 shares of company stock worth $306,425. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Fastenal by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 68,565,691 shares of the company’s stock worth $4,072,802,000 after buying an additional 1,622,762 shares during the last quarter. BlackRock Inc. grew its position in shares of Fastenal by 3.9% in the 1st quarter. BlackRock Inc. now owns 46,254,527 shares of the company’s stock worth $2,747,517,000 after buying an additional 1,746,661 shares during the last quarter. State Street Corp grew its position in shares of Fastenal by 2.3% in the 3rd quarter. State Street Corp now owns 27,997,011 shares of the company’s stock worth $1,288,982,000 after buying an additional 617,123 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Fastenal by 8.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,227,656 shares of the company’s stock worth $548,123,000 after buying an additional 681,328 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Fastenal by 0.6% in the 1st quarter. Northern Trust Corp now owns 7,502,384 shares of the company’s stock worth $445,642,000 after buying an additional 41,898 shares during the last quarter. Hedge funds and other institutional investors own 78.18% of the company’s stock.

Fastenal Price Performance

FAST stock opened at $52.41 on Tuesday. Fastenal has a 12 month low of $43.73 and a 12 month high of $64.75. The company has a current ratio of 3.98, a quick ratio of 1.89 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $48.33 and a 200 day moving average price of $50.29. The stock has a market cap of $30.02 billion, a PE ratio of 28.03, a P/E/G ratio of 3.10 and a beta of 1.18.

Fastenal (NASDAQ:FASTGet Rating) last announced its quarterly earnings data on Thursday, October 13th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Fastenal had a net margin of 15.73% and a return on equity of 34.25%. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the business posted $0.42 EPS. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities research analysts anticipate that Fastenal will post 1.88 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Thursday, October 27th were issued a $0.31 dividend. The ex-dividend date of this dividend was Wednesday, October 26th. This represents a $1.24 annualized dividend and a dividend yield of 2.37%. Fastenal’s dividend payout ratio is currently 66.31%.

About Fastenal

(Get Rating)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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