Fastenal (NASDAQ:FAST) Raised to Peer Perform at Wolfe Research

Fastenal (NASDAQ:FAST) was upgraded by stock analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage currently has a $43.00 price objective on the stock. Wolfe Research’s price objective points to a potential upside of 4.95% from the company’s previous close.

Several other equities analysts have also weighed in on FAST. Sanford C. Bernstein initiated coverage on shares of Fastenal in a report on Tuesday. They set an “underperform” rating and a $38.00 target price for the company. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Barclays set a $45.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. Northcoast Research initiated coverage on Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating for the company. Finally, JPMorgan Chase & Co. upped their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.41.

Fastenal Stock Down 0.7%

NASDAQ:FAST opened at $40.97 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The company’s fifty day moving average price is $45.08 and its 200-day moving average price is $44.40. Fastenal has a 1-year low of $35.31 and a 1-year high of $50.63. The firm has a market capitalization of $47.04 billion, a P/E ratio of 38.29, a PEG ratio of 3.75 and a beta of 0.92.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 EPS. As a group, equities research analysts anticipate that Fastenal will post 2.15 EPS for the current year.

Insider Activity at Fastenal

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction on Thursday, October 16th. The stock was bought at an average cost of $42.45 per share, for a total transaction of $42,450.00. Following the acquisition, the director directly owned 9,000 shares in the company, valued at $382,050. This represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastenal

Several institutional investors and hedge funds have recently modified their holdings of the company. Riverview Trust Co boosted its position in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after buying an additional 292 shares during the period. Hilltop National Bank purchased a new stake in shares of Fastenal during the second quarter worth $27,000. Private Wealth Management Group LLC raised its stake in shares of Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after acquiring an additional 339 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in Fastenal in the second quarter valued at $27,000. Finally, Armstrong Advisory Group Inc. boosted its holdings in Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after purchasing an additional 348 shares during the period. Hedge funds and other 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.