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

Fastenal (NASDAQ:FAST) had its price target lowered by Barclays from $47.00 to $46.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities analysts have also issued reports on FAST. Morgan Stanley set a $48.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday. DA Davidson reissued a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday. Finally, Bank of America lifted their price objective on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. 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 company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Trading Up 2.9%

FAST opened at $46.67 on Thursday. Fastenal has a 12 month low of $38.97 and a 12 month high of $50.63. The stock has a market capitalization of $53.58 billion, a price-to-earnings ratio of 39.55, a PEG ratio of 2.86 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.34. The business has a fifty day moving average price of $45.68 and a 200 day moving average price of $45.17.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the business earned $0.29 EPS. Fastenal’s revenue for the quarter was up 14.7% on a year-over-year basis. Sell-side analysts expect that Fastenal will post 1.24 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a $0.26 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. Fastenal’s payout ratio is 84.21%.

Institutional Trading of Fastenal

Several hedge funds have recently made changes to their positions in FAST. Evergreen Advisors LLC acquired a new position in shares of Fastenal during the first quarter worth about $26,000. Palladiem LLC acquired a new stake in Fastenal in the fourth quarter valued at about $25,000. Elyxium Wealth LLC purchased a new stake in Fastenal in the 4th quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new stake in Fastenal in the 4th quarter valued at approximately $29,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in Fastenal during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Key Stories Impacting Fastenal

Here are the key news stories impacting Fastenal this week:

• Positive Sentiment: Morgan Stanley raised its price target on Fastenal to $52 from $48, signaling improved confidence in the stock’s valuation after Q2 results. Morgan Stanley raises Fastenal price target
• Positive Sentiment: Fastenal’s Q2 revenue rose 14.7% year over year to $2.387 billion, showing solid operating momentum and helping offset concerns about earnings merely meeting expectations. Fastenal Q2 earnings coverage
• Neutral Sentiment: Analysts at several firms, including DA Davidson and Barclays, kept neutral/equal-weight views and price targets around $46-$48, suggesting the recent report did not materially change their outlook. DA Davidson reiterates neutral rating
• Neutral Sentiment: Morgan Stanley also described Q2 as “solid but incremental,” keeping a hold-style stance unchanged, which points to a balanced view rather than a strong bullish catalyst. Morgan Stanley hold rating
• Negative Sentiment: Barclays lowered its price target to $46 from $47, indicating some caution about further upside after the earnings release. Barclays cuts Fastenal target

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.