Fastenal (NASDAQ:FAST) Given Consensus Recommendation of “Hold” by Brokerages

Fastenal (NASDAQ:FAST) has received a consensus rating of “Hold” from the ten brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $77.40.

Several research analysts have recently weighed in on the stock. Stephens upped their price target on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. HSBC downgraded Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target for the company. in a research report on Wednesday, December 11th. Jefferies Financial Group boosted their price target on shares of Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Finally, Bank of America initiated coverage on shares of Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective for the company.

Insider Buying and Selling at Fastenal

In other Fastenal news, insider William Joseph Drazkowski sold 16,362 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total value of $1,270,509.30. Following the completion of the transaction, the insider now directly owns 5,997 shares in the company, valued at approximately $465,667.05. This represents a 73.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.32, for a total transaction of $37,244.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 158,289 shares of company stock worth $12,639,438. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fastenal

Institutional investors have recently bought and sold shares of the stock. Ashton Thomas Securities LLC purchased a new position in shares of Fastenal during the 3rd quarter worth approximately $25,000. Knuff & Co LLC bought a new stake in shares of Fastenal during the third quarter valued at approximately $27,000. Crewe Advisors LLC grew its stake in Fastenal by 528.4% in the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares during the period. Moisand Fitzgerald Tamayo LLC raised its holdings in Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after purchasing an additional 428 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new position in Fastenal during the second quarter valued at $35,000. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Performance

NASDAQ:FAST opened at $74.82 on Friday. Fastenal has a 52-week low of $61.33 and a 52-week high of $84.88. The business’s fifty day moving average is $79.90 and its 200 day moving average is $71.66. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. The firm has a market cap of $42.86 billion, a price-to-earnings ratio of 37.22, a PEG ratio of 4.69 and a beta of 1.00.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 earnings per share. Research analysts predict that Fastenal will post 2.03 EPS for the current year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, October 25th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 2.09%. Fastenal’s payout ratio is currently 77.61%.

About Fastenal

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.