Fastenal (NASDAQ:FAST) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Fastenal (NASDAQ:FAST) had its price target upped by research analysts at JPMorgan Chase & Co. from $41.00 to $46.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 4.15% from the company’s current price.

FAST has been the subject of several other research reports. Loop Capital restated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an “equal weight” rating in a report on Thursday, July 3rd. Stephens lifted their price target on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $47.00 to $55.00 in a report on Thursday, August 7th. Finally, Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus target price of $46.82.

Fastenal Stock Performance

NASDAQ:FAST opened at $47.99 on Thursday. The firm has a 50 day simple moving average of $46.90 and a 200-day simple moving average of $42.18. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The firm has a market cap of $55.08 billion, a PE ratio of 46.14, a P/E/G ratio of 4.58 and a beta of 0.97. Fastenal has a 1-year low of $32.53 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data 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. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 earnings per share. On average, equities analysts expect that Fastenal will post 2.15 EPS for the current year.

Insider Buying and Selling at Fastenal

In related news, EVP John Lewis Soderberg sold 34,612 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Fastenal

Institutional investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its position in shares of Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock valued at $3,817,000 after acquiring an additional 130 shares in the last quarter. Welch & Forbes LLC increased its holdings in shares of Fastenal by 0.4% during the first quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock valued at $2,559,000 after purchasing an additional 135 shares during the period. Principal Securities Inc. increased its holdings in shares of Fastenal by 0.9% during the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock valued at $1,142,000 after purchasing an additional 140 shares during the period. Salvus Wealth Management LLC boosted its stake in Fastenal by 1.6% during the first quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company’s stock valued at $698,000 after buying an additional 141 shares in the last quarter. Finally, Essex Financial Services Inc. boosted its stake in Fastenal by 1.7% during the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock valued at $688,000 after buying an additional 147 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.