Fastenal (NASDAQ:FAST) Price Target Lowered to $44.00 at Barclays

Fastenal (NASDAQ:FAST) had its price objective trimmed by Barclays from $45.00 to $44.00 in a research note released on Thursday morning, MarketBeat reports. The firm currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird cut their target price on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Northcoast Research began coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating on the stock. Sanford C. Bernstein began coverage on shares of Fastenal in a research report on Tuesday. They issued an “underperform” rating and a $38.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus price target of $46.32.

Fastenal Trading Down 0.7%

Shares of FAST traded down $0.30 during trading hours on Thursday, hitting $40.45. The company had a trading volume of 6,339,112 shares, compared to its average volume of 6,555,445. Fastenal has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $44.74 and its 200 day moving average price is $44.38. The firm has a market cap of $46.44 billion, a P/E ratio of 37.80, a P/E/G ratio of 3.75 and a beta of 0.92.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. On average, research analysts predict that Fastenal will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Insider Activity at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu bought 1,000 shares of Fastenal stock in a transaction dated Thursday, November 13th. The shares were purchased at an average cost of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Fastenal

Several hedge funds have recently bought and sold shares of the business. Patton Fund Management Inc. purchased a new stake in Fastenal in the second quarter worth approximately $229,000. Values First Advisors Inc. lifted its holdings in Fastenal by 183.0% in the second quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock valued at $394,000 after acquiring an additional 6,064 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. Picton Mahoney Asset Management lifted its stake in shares of Fastenal by 7.5% in the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock worth $14,074,000 after purchasing an additional 12,721 shares during the period. Finally, KLP Kapitalforvaltning AS boosted its holdings in shares of Fastenal by 3.9% in the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock worth $15,180,000 after buying an additional 7,400 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Company Profile

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 that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.