Credit Suisse Group reaffirmed their outperform rating on shares of Fastenal (NASDAQ:FAST) in a research report report published on Tuesday morning, The Fly reports. They currently have a $61.00 price objective on the stock, up from their previous price objective of $52.00.
Other analysts have also recently issued research reports about the stock. BMO Capital Markets reissued a market perform rating and set a $51.00 target price (up previously from $46.00) on shares of Fastenal in a research note on Tuesday, October 10th. Stephens set a $54.00 price objective on shares of Fastenal and gave the company a buy rating in a research note on Wednesday, October 11th. Zacks Investment Research raised shares of Fastenal from a hold rating to a buy rating and set a $61.00 price objective for the company in a research note on Thursday, January 4th. Morgan Stanley reaffirmed an equal weight rating and set a $46.00 price objective (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $51.00 price objective on shares of Fastenal in a research note on Monday, December 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $53.00.
Fastenal (FAST) traded up $0.50 during mid-day trading on Tuesday, hitting $55.59. 2,125,520 shares of the stock were exchanged, compared to its average volume of 2,161,835. The stock has a market capitalization of $15,980.00, a PE ratio of 29.73, a P/E/G ratio of 1.84 and a beta of 1.09. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. Fastenal has a twelve month low of $39.79 and a twelve month high of $55.92.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 earnings per share. equities research analysts expect that Fastenal will post 1.93 earnings per share for the current year.
In other news, insider Leland J. Hein sold 10,000 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $47.14, for a total value of $471,400.00. Following the completion of the sale, the insider now owns 21,290 shares of the company’s stock, valued at approximately $1,003,610.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Gary A. Polipnick sold 2,634 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $53.45, for a total transaction of $140,787.30. Following the completion of the sale, the insider now directly owns 59,323 shares of the company’s stock, valued at approximately $3,170,814.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,746 shares of company stock valued at $4,020,619. 0.55% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of FAST. Janus Henderson Group PLC grew its stake in shares of Fastenal by 357.0% in the 2nd quarter. Janus Henderson Group PLC now owns 1,822,655 shares of the company’s stock valued at $79,340,000 after buying an additional 1,423,856 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Fastenal in the 3rd quarter valued at approximately $64,702,000. Bank of New York Mellon Corp grew its stake in shares of Fastenal by 8.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 16,219,944 shares of the company’s stock valued at $739,306,000 after buying an additional 1,297,185 shares during the period. Old Mutual Global Investors UK Ltd. grew its stake in shares of Fastenal by 580.8% in the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 1,496,666 shares of the company’s stock valued at $68,218,000 after buying an additional 1,276,832 shares during the period. Finally, Neuberger Berman Group LLC purchased a new stake in shares of Fastenal in the 3rd quarter valued at approximately $56,907,000. 84.54% of the stock is owned by institutional investors and hedge funds.
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Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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