Fastenal’s (FAST) Neutral Rating Reiterated at DA Davidson

DA Davidson reiterated their neutral rating on shares of Fastenal (NASDAQ:FAST) in a report released on Wednesday,Benzinga reports. They currently have a $46.00 price objective on the stock.

A number of other analysts have also weighed in on FAST. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research note on Monday. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a report on Wednesday, July 8th. Morgan Stanley set a $48.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. Finally, Robert W. Baird decreased their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $48.83.

Fastenal Trading Down 2.5%

NASDAQ FAST opened at $45.49 on Wednesday. Fastenal has a 12 month low of $38.97 and a 12 month high of $50.63. The stock has a market cap of $52.22 billion, a P/E ratio of 38.55, a P/E/G ratio of 2.93 and a beta of 0.72. The stock’s fifty day moving average price is $45.71 and its 200-day moving average price is $45.18. The company has a current ratio of 4.18, a quick ratio of 2.34 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 EPS. As a group, equities analysts forecast that Fastenal will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a $0.26 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is currently 81.36%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FAST. Wiregrass Investment Management LLC bought a new position in Fastenal during the fourth quarter valued at $1,020,000. Stance Capital LLC grew its stake in shares of Fastenal by 653.1% in the 3rd quarter. Stance Capital LLC now owns 54,976 shares of the company’s stock worth $2,696,000 after buying an additional 47,676 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Fastenal by 20.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock worth $13,173,000 after buying an additional 55,191 shares during the last quarter. Swiss Life Asset Management Ltd increased its holdings in shares of Fastenal by 2.7% in the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after buying an additional 39,406 shares during the last quarter. Finally, LBP AM SA raised its position in shares of Fastenal by 11.8% during the 4th quarter. LBP AM SA now owns 232,847 shares of the company’s stock valued at $9,344,000 after buying an additional 24,536 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

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.