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

Fastenal (NASDAQ:FAST) had its price target increased by Barclays from $44.00 to $45.00 in a research note issued to investors on Thursday,MarketScreener reports. They currently have an equal weight rating on the stock.

Several other analysts have also recently weighed in on FAST. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $42.00 price target on shares of Fastenal in a report on Tuesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Morgan Stanley reiterated a “positive” rating and issued a $45.00 price target on shares of Fastenal in a report on Thursday, March 5th. Finally, UBS Group reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, January 21st. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $49.77.

Fastenal Stock Up 0.7%

Shares of NASDAQ FAST opened at $44.72 on Thursday. The company has a quick ratio of 2.41, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. Fastenal has a 52 week low of $38.97 and a 52 week high of $50.63. The firm’s fifty day moving average is $45.97 and its 200 day moving average is $43.74. The company has a market cap of $51.35 billion, a price-to-earnings ratio of 39.23, a PEG ratio of 2.82 and a beta of 0.84.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, April 28th. Fastenal’s payout ratio is 84.21%.

Insider Transactions at Fastenal

In related news, Director Scott Satterlee sold 15,964 shares of the company’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 transaction, the director owned 50,000 shares in the company, valued at $2,209,500. The trade was a 24.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was 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 owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Fastenal

A number of hedge funds have recently bought and sold shares of FAST. Elyxium Wealth LLC bought a new position in Fastenal in the 4th quarter worth about $25,000. Palladiem LLC bought a new position in Fastenal in the 4th quarter worth about $25,000. MV Capital Management Inc. bought a new position in Fastenal in the 4th quarter worth about $29,000. SOA Wealth Advisors LLC. boosted its stake in Fastenal by 71.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after purchasing an additional 255 shares in the last quarter. Finally, REAP Financial Group LLC bought a new position in Fastenal in the 3rd quarter worth about $30,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Company Profile

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.