Fastenal (NASDAQ:FAST) Price Target Raised to $45.00

Fastenal (NASDAQ:FAST) had its price objective boosted by Stephens from $40.00 to $45.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Stephens currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on FAST. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research note on Monday. Robert W. Baird lifted their target price on shares of Fastenal from $43.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday. Loop Capital lifted their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, July 8th. Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a research note on Thursday, July 3rd. Finally, Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.64.

Fastenal Stock Up 0.6%

NASDAQ:FAST opened at $45.88 on Tuesday. Fastenal has a fifty-two week low of $32.04 and a fifty-two week high of $46.04. The stock has a market capitalization of $52.64 billion, a P/E ratio of 44.12, a P/E/G ratio of 4.16 and a beta of 0.96. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.14 and a current ratio of 4.22. The company’s 50-day simple moving average is $41.94 and its 200-day simple moving average is $39.40.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same period last year, the business earned $0.25 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.92%. The ex-dividend date is Tuesday, July 29th. Fastenal’s payout ratio is 84.62%.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Scott Satterlee sold 19,340 shares of Fastenal stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $39.76, for a total transaction of $768,861.70. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at approximately $1,987,750. The trade was a 27.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John Lewis Soderberg sold 32,724 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $41.23, for a total transaction of $1,349,046.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 163,200 shares of company stock valued at $6,675,975. 0.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastenal

A number of institutional investors have recently modified their holdings of FAST. Armstrong Advisory Group Inc. grew its position in shares of Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares during the period. AdvisorNet Financial Inc grew its position in shares of Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after acquiring an additional 342 shares during the period. Clean Yield Group increased its holdings in Fastenal by 100.0% in the 2nd quarter. Clean Yield Group now owns 696 shares of the company’s stock worth $29,000 after acquiring an additional 348 shares in the last quarter. Garde Capital Inc. increased its holdings in Fastenal by 4,900.0% in the 2nd quarter. Garde Capital Inc. now owns 750 shares of the company’s stock worth $32,000 after acquiring an additional 735 shares in the last quarter. Finally, SJS Investment Consulting Inc. increased its holdings in Fastenal by 86.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 842 shares of the company’s stock worth $35,000 after acquiring an additional 390 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

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.