Loop Capital Cuts Fastenal (NASDAQ:FAST) Price Target to $66.00

Fastenal (NASDAQ:FAST) had its target price trimmed by Loop Capital from $71.00 to $66.00 in a report released on Monday morning, Benzinga reports. The firm currently has a hold rating on the stock.

Several other equities research analysts have also commented on the company. HSBC upped their price objective on Fastenal from $59.00 to $64.00 and gave the stock a hold rating in a research report on Monday. Stifel Nicolaus raised their price objective on Fastenal from $75.00 to $85.00 and gave the company a buy rating in a report on Monday, March 18th. Finally, Robert W. Baird cut their target price on Fastenal from $77.00 to $71.00 and set a neutral rating for the company in a research note on Friday. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $67.67.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $69.39 on Monday. Fastenal has a twelve month low of $52.28 and a twelve month high of $79.04. The company’s 50 day moving average is $73.74 and its 200 day moving average is $66.08. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. The company has a market cap of $39.71 billion, a PE ratio of 34.35, a price-to-earnings-growth ratio of 3.64 and a beta of 1.05.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the company posted $0.52 EPS. Fastenal’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, sell-side analysts forecast that Fastenal will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Wednesday, April 24th. Fastenal’s payout ratio is 77.23%.

Insider Buying and Selling

In related news, EVP Anthony Paul Broersma sold 5,586 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total transaction of $387,333.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fastenal news, insider William Joseph Drazkowski sold 11,968 shares of the business’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $69.10, for a total transaction of $826,988.80. Following the sale, the insider now directly owns 5,997 shares in the company, valued at $414,392.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony Paul Broersma sold 5,586 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total value of $387,333.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,682 shares of company stock valued at $7,375,853. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fastenal

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP boosted its holdings in Fastenal by 62.3% in the fourth quarter. Quarry LP now owns 409 shares of the company’s stock valued at $26,000 after purchasing an additional 157 shares in the last quarter. Hartford Financial Management Inc. boosted its holdings in Fastenal by 46.9% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock valued at $31,000 after purchasing an additional 153 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastenal in the fourth quarter valued at approximately $35,000. O Dell Group LLC acquired a new position in Fastenal in the fourth quarter valued at approximately $35,000. Finally, Sunbelt Securities Inc. boosted its holdings in Fastenal by 131.7% in the second quarter. Sunbelt Securities Inc. now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 341 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

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.