UBS Group Upgrades Fastenal (NASDAQ:FAST) to Buy

Fastenal (NASDAQ:FAST) was upgraded by stock analysts at UBS Group from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat Ratings reports. The firm presently has a $52.00 target price on the stock, up from their previous target price of $45.00. UBS Group’s price target points to a potential upside of 22.12% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on FAST. Robert W. Baird dropped their target price on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Northcoast Research initiated coverage on Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating on the stock. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a research note on Monday. Barclays dropped their price target on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 13th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average target price of $48.73.

Fastenal Trading Up 1.4%

NASDAQ FAST opened at $42.58 on Monday. Fastenal has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The stock has a 50 day moving average of $41.70 and a 200-day moving average of $44.43. The company has a market cap of $48.88 billion, a PE ratio of 39.79, a PEG ratio of 3.36 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. On average, equities research analysts anticipate that Fastenal will post 2.15 EPS for the current fiscal year.

Insider Buying and Selling at Fastenal

In other news, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sarah N. Nielsen bought 1,000 shares of Fastenal stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average cost of $39.60 per share, with a total value of $39,600.00. Following the transaction, the director owned 5,000 shares of the company’s stock, valued at $198,000. This trade represents a 25.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 3,000 shares of company stock valued at $131,630 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Institutional Trading of Fastenal

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Wealth Concepts LLC grew its position in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Advisory Alpha LLC boosted its stake in shares of Fastenal by 5.8% in the first quarter. Advisory Alpha LLC now owns 3,407 shares of the company’s stock valued at $264,000 after buying an additional 187 shares during the period. Sowell Financial Services LLC grew its position in Fastenal by 4.7% during the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after buying an additional 238 shares in the last quarter. L2 Asset Management LLC increased its stake in Fastenal by 4.8% during the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after acquiring an additional 248 shares during the period. Finally, Rowlandmiller & PARTNERS.ADV lifted its position in shares of Fastenal by 1.7% during the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock valued at $721,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

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.