Wells Fargo & Company Increases Fastenal (NASDAQ:FAST) Price Target to $60.00

Fastenal (NASDAQ:FASTGet Rating) had its price target lifted by Wells Fargo & Company from $58.00 to $60.00 in a report released on Thursday, Marketbeat reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other research analysts have also issued reports on the stock. Morgan Stanley dropped their price target on shares of Fastenal from $54.00 to $53.00 and set an underweight rating on the stock in a research note on Thursday, April 7th. StockNews.com lowered shares of Fastenal from a buy rating to a hold rating in a research note on Friday, April 8th. Finally, Robert W. Baird boosted their price target on shares of Fastenal from $64.00 to $66.00 in a research note on Monday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $60.17.

Shares of Fastenal stock opened at $56.01 on Thursday. Fastenal has a 1 year low of $48.84 and a 1 year high of $64.75. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 4.07. The company has a market capitalization of $32.24 billion, a P/E ratio of 32.75, a PEG ratio of 3.65 and a beta of 1.33. The company’s fifty day moving average is $55.24 and its two-hundred day moving average is $57.45.

Fastenal (NASDAQ:FASTGet Rating) last issued its quarterly earnings data on Wednesday, April 13th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.02. Fastenal had a net margin of 15.63% and a return on equity of 32.72%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the firm posted $0.37 EPS. Fastenal’s revenue for the quarter was up 20.3% on a year-over-year basis. As a group, equities analysts expect that Fastenal will post 1.8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 25th. Investors of record on Wednesday, April 27th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Tuesday, April 26th. Fastenal’s dividend payout ratio is currently 72.52%.

In related news, Director Michael J. Ancius acquired 730 shares of the firm’s stock in a transaction that occurred on Thursday, January 20th. The shares were purchased at an average price of $57.18 per share, with a total value of $41,741.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sadoff Investment Management LLC lifted its holdings in shares of Fastenal by 1.3% in the third quarter. Sadoff Investment Management LLC now owns 12,628 shares of the company’s stock valued at $652,000 after purchasing an additional 168 shares in the last quarter. Koshinski Asset Management Inc. lifted its holdings in shares of Fastenal by 4.4% in the fourth quarter. Koshinski Asset Management Inc. now owns 4,115 shares of the company’s stock valued at $264,000 after purchasing an additional 175 shares in the last quarter. Waldron Private Wealth LLC lifted its holdings in shares of Fastenal by 2.5% in the third quarter. Waldron Private Wealth LLC now owns 7,604 shares of the company’s stock valued at $392,000 after purchasing an additional 187 shares in the last quarter. OmniStar Financial Group Inc. lifted its holdings in shares of Fastenal by 2.7% in the third quarter. OmniStar Financial Group Inc. now owns 7,443 shares of the company’s stock valued at $384,000 after purchasing an additional 195 shares in the last quarter. Finally, TrinityPoint Wealth LLC lifted its holdings in shares of Fastenal by 2.0% in the third quarter. TrinityPoint Wealth LLC now owns 10,010 shares of the company’s stock valued at $517,000 after purchasing an additional 199 shares in the last quarter. 77.18% of the stock is currently owned by institutional investors.

Fastenal Company Profile (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.

Further Reading

Analyst Recommendations for Fastenal (NASDAQ:FAST)

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