Fastenal (FAST) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of Fastenal (NASDAQ:FAST) from a sell rating to a hold rating in a research note released on Wednesday morning.

Several other analysts have also recently weighed in on FAST. Robert W. Baird cut shares of Fastenal from an outperform rating to a neutral rating in a research note on Tuesday, July 3rd. Zacks Investment Research raised shares of Fastenal from a hold rating to a buy rating and set a $54.00 price objective for the company in a research report on Tuesday, July 3rd. BMO Capital Markets lowered their price objective on shares of Fastenal from $57.00 to $54.00 and set a market perform rating for the company in a research report on Friday, July 6th. Wells Fargo & Co increased their price objective on shares of Fastenal from $49.00 to $53.00 and gave the stock a market perform rating in a research report on Thursday, July 12th. Finally, Northcoast Research set a $60.00 price objective on shares of Fastenal and gave the stock a buy rating in a research report on Friday, July 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $56.40.

Shares of Fastenal stock traded up $0.38 during mid-day trading on Wednesday, hitting $51.79. The stock had a trading volume of 160,091 shares, compared to its average volume of 4,195,612. Fastenal has a 12-month low of $46.40 and a 12-month high of $61.14. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of 26.67, a price-to-earnings-growth ratio of 1.42 and a beta of 0.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the company posted $0.50 EPS. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. Equities analysts expect that Fastenal will post 2.58 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, October 24th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.09%. Fastenal’s payout ratio is currently 82.90%.

In other Fastenal news, insider Terry Modock Owen purchased 1,500 shares of the firm’s stock in a transaction on Friday, October 12th. The stock was bought at an average price of $52.07 per share, with a total value of $78,105.00. Following the transaction, the insider now directly owns 3,500 shares of the company’s stock, valued at approximately $182,245. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel L. Florness purchased 2,000 shares of the firm’s stock in a transaction on Friday, October 12th. The stock was acquired at an average cost of $51.95 per share, with a total value of $103,900.00. Following the transaction, the chief executive officer now directly owns 99,845 shares in the company, valued at $5,186,947.75. The disclosure for this purchase can be found here. Insiders have purchased a total of 5,795 shares of company stock valued at $299,849 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Trust Department MB Financial Bank N A purchased a new position in Fastenal in the 2nd quarter valued at approximately $137,000. Delta Asset Management LLC TN boosted its position in Fastenal by 3,540.7% in the 3rd quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock valued at $182,000 after buying an additional 3,045 shares during the period. Canton Hathaway LLC purchased a new position in Fastenal in the 3rd quarter valued at approximately $186,000. Twin Tree Management LP purchased a new position in Fastenal in the 2nd quarter valued at approximately $203,000. Finally, Stock Yards Bank & Trust Co. purchased a new position in Fastenal in the 2nd quarter valued at approximately $209,000. 86.37% of the stock is owned by institutional investors.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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