Wolfe Research Raises Fastenal (NASDAQ:FAST) Price Target to $43.00

Fastenal (NASDAQ:FAST) had its price objective raised by equities research analysts at Wolfe Research from $42.00 to $43.00 in a report released on Friday,MarketScreener reports. The brokerage currently has an “underperform” rating on the stock. Wolfe Research’s target price points to a potential downside of 6.60% from the company’s current price.

A number of other research firms also recently commented on FAST. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Robert W. Baird lifted their target price on Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Barclays set a $43.00 price target on Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Finally, Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.27.

Fastenal Stock Performance

Fastenal stock opened at $46.04 on Friday. Fastenal has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The stock has a market cap of $52.87 billion, a P/E ratio of 41.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.89. The stock has a 50 day moving average of $43.88 and a 200-day moving average of $44.36.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. The firm 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 period in the prior year, the company posted $0.46 earnings per share. On average, analysts expect that Fastenal will post 2.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fastenal 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 transaction of $705,449.16. Following the completion of the transaction, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fastenal

Hedge funds and other institutional investors have recently made changes to their positions in the business. Elyxium Wealth LLC bought a new position in Fastenal during the fourth quarter valued at about $25,000. Palladiem LLC acquired a new stake in Fastenal in the 4th quarter valued at about $25,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Fastenal during the 2nd quarter valued at about $27,000. MV Capital Management Inc. acquired a new position in shares of Fastenal in the 4th quarter worth approximately $29,000. Finally, Field & Main Bank bought a new stake in shares of Fastenal in the 4th quarter worth approximately $30,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

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.