Fastenal (NASDAQ:FAST) Given New $46.00 Price Target at Wolfe Research

Fastenal (NASDAQ:FAST) had its price objective boosted by Wolfe Research from $43.00 to $46.00 in a research note issued to investors on Tuesday morning,MarketScreener reports. Wolfe Research currently has an underperform rating on the stock.

FAST has been the subject of several other research reports. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Benchmark restated a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. Finally, Robert W. Baird upped their target price on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal has an average rating of “Hold” and an average price target of $49.08.

Fastenal Stock Up 2.8%

NASDAQ FAST opened at $46.40 on Tuesday. The business has a fifty day moving average price of $45.59 and a 200 day moving average price of $43.79. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The company has a market cap of $53.28 billion, a P/E ratio of 42.18, a P/E/G ratio of 2.86 and a beta of 0.88. Fastenal has a one year low of $35.31 and a one year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 EPS. Research analysts anticipate that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were given a $0.24 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, January 29th. Fastenal’s dividend payout ratio (DPR) is presently 87.27%.

Insider Buying and Selling at Fastenal

In related news, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Reyne K. Wisecup sold 36,920 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares in the company, valued at $1,893,600. The trade was a 48.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Fastenal

Institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC lifted its stake in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares in the last quarter. Sittner & Nelson LLC increased its position in Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after buying an additional 226 shares in the last quarter. Founders Capital Management LLC increased its position in Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after buying an additional 228 shares in the last quarter. Sowell Financial Services LLC raised its holdings in shares of Fastenal by 4.7% in the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after acquiring an additional 238 shares during the last quarter. Finally, L2 Asset Management LLC raised its holdings in shares of Fastenal by 4.8% in the third 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 last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.