Fastenal (NASDAQ:FAST) Price Target Raised to $47.00

Fastenal (NASDAQ:FAST) had its target price lifted by Robert W. Baird from $43.00 to $47.00 in a research note published on Tuesday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

Several other research firms have also recently weighed in on FAST. Stephens reiterated an “equal weight” rating on shares of Fastenal in a report on Thursday, July 3rd. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a report on Monday. Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. Loop Capital boosted their target price on Fastenal from $40.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their target price on Fastenal from $36.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $45.64.

Fastenal Price Performance

Shares of FAST stock opened at $45.88 on Tuesday. The stock has a 50-day moving average price of $41.94 and a 200 day moving average price of $39.40. The company has a quick ratio of 2.14, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The firm has a market cap of $52.64 billion, a price-to-earnings ratio of 44.12, a PEG ratio of 4.16 and a beta of 0.96. Fastenal has a 12 month low of $32.04 and a 12 month high of $46.04.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. Research analysts expect that Fastenal will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

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

Insider Buying and Selling

In related news, EVP John Lewis Soderberg sold 32,724 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $41.23, for a total transaction of $1,349,046.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $41.06, for a total value of $4,106,000.00. Following the transaction, the chief executive officer directly owned 565,036 shares in the company, valued at $23,200,378.16. The trade was a 15.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 163,200 shares of company stock worth $6,675,975. 0.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund grew its holdings in Fastenal by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock valued at $3,817,000 after buying an additional 130 shares in the last quarter. Anchor Investment Management LLC lifted its position in shares of Fastenal by 3.4% during the 4th quarter. Anchor Investment Management LLC now owns 4,134 shares of the company’s stock valued at $297,000 after acquiring an additional 135 shares during the period. Welch & Forbes LLC lifted its position in shares of Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock valued at $2,559,000 after acquiring an additional 135 shares during the period. Principal Securities Inc. lifted its position in shares of Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock valued at $1,142,000 after acquiring an additional 140 shares during the period. Finally, Salvus Wealth Management LLC lifted its position in shares of Fastenal by 1.6% during the 1st quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company’s stock valued at $698,000 after acquiring an additional 141 shares during the period. 81.38% of the stock is 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.