Fastenal (NASDAQ:FAST) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Fastenal (NASDAQ:FAST – Get Rating) from a hold rating to a buy rating in a report published on Thursday morning.

Several other equities analysts have also commented on the company. Robert W. Baird upped their target price on Fastenal from $64.00 to $66.00 in a report on Monday, March 7th. Wells Fargo & Company upped their target price on Fastenal from $58.00 to $60.00 and gave the company an equal weight rating in a report on Thursday, April 14th. Finally, Morgan Stanley increased their price objective on Fastenal from $53.00 to $56.00 and gave the stock an underweight rating in a report on Thursday, April 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $60.17.

Shares of Fastenal stock opened at $51.58 on Thursday. The company has a quick ratio of 1.92, a current ratio of 4.07 and a debt-to-equity ratio of 0.11. The firm has a market cap of $29.69 billion, a P/E ratio of 30.02, a P/E/G ratio of 3.07 and a beta of 1.29. Fastenal has a fifty-two week low of $48.84 and a fifty-two week high of $64.75. The business has a 50-day moving average price of $56.27 and a 200 day moving average price of $57.50.

Fastenal (NASDAQ:FAST – Get Rating) last announced its quarterly earnings data on Wednesday, April 13th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.03. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.69 billion. Fastenal had a return on equity of 32.72% and a net margin of 15.63%. Fastenal’s quarterly revenue was up 20.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.37 earnings per share. As a group, equities research analysts anticipate that Fastenal will post 1.86 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 25th. Shareholders of record on Wednesday, April 27th will be given a $0.31 dividend. The ex-dividend date of this dividend is Tuesday, April 26th. This represents a $1.24 dividend on an annualized basis and a yield of 2.40%. Fastenal’s dividend payout ratio (DPR) is 72.52%.

In related news, Director Michael J. Ancius acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, May 11th. The stock was bought at an average price of $51.00 per share, for a total transaction of $51,000.00. Following the transaction, the director now owns 27,587 shares of the company’s stock, valued at $1,406,937. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael J. Ancius bought 650 shares of Fastenal stock in a transaction dated Thursday, April 14th. The stock was acquired at an average price of $56.41 per share, with a total value of $36,666.50. Following the acquisition, the director now directly owns 25,952 shares of the company’s stock, valued at $1,463,952.32. The disclosure for this purchase can be found here. Insiders acquired 1,885 shares of company stock valued at $100,509 over the last 90 days. 0.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mascoma Wealth Management LLC acquired a new position in shares of Fastenal in the fourth quarter worth $26,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Fastenal in the fourth quarter worth $33,000. GHP Investment Advisors Inc. acquired a new position in shares of Fastenal in the first quarter worth $31,000. O Dell Group LLC acquired a new position in Fastenal during the first quarter worth $32,000. Finally, Cornerstone Advisory LLC acquired a new position in Fastenal during the fourth quarter worth $38,000. 77.89% of the stock is currently owned by institutional investors and hedge funds.

About Fastenal (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.

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