Fastenal (NASDAQ:FAST) Receives $77.40 Average Price Target from Analysts

Shares of Fastenal (NASDAQ:FAST) have earned an average recommendation of “Reduce” from the eleven analysts that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $77.27.

FAST has been the topic of several research analyst reports. Robert W. Baird increased their price objective on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Hsbc Global Res downgraded Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. HSBC lowered Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target on the stock. in a research note on Wednesday, December 11th. Wolfe Research upped their price objective on shares of Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their target price on shares of Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th.

Insider Buying and Selling

In other Fastenal news, Director Daniel L. Johnson sold 8,474 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.36, for a total value of $706,392.64. Following the sale, the director now owns 10,595 shares in the company, valued at approximately $883,199.20. This represents a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Rita J. Heise sold 10,888 shares of Fastenal stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $77.67, for a total transaction of $845,670.96. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $1,553,400. The trade was a 35.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,660 shares of company stock worth $6,211,126 in the last 90 days. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of institutional investors have recently modified their holdings of the business. State Street Corp lifted its position in shares of Fastenal by 5.1% during the 3rd quarter. State Street Corp now owns 27,989,485 shares of the company’s stock valued at $1,999,009,000 after buying an additional 1,346,863 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Fastenal by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company’s stock valued at $1,419,690,000 after purchasing an additional 608,596 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Fastenal by 5.6% during the third quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company’s stock valued at $1,188,251,000 after purchasing an additional 880,372 shares in the last quarter. Legal & General Group Plc grew its position in shares of Fastenal by 3.4% in the second quarter. Legal & General Group Plc now owns 5,909,206 shares of the company’s stock valued at $371,334,000 after purchasing an additional 193,734 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Fastenal by 5.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,718,200 shares of the company’s stock worth $336,974,000 after purchasing an additional 226,126 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

FAST stock opened at $76.08 on Wednesday. Fastenal has a twelve month low of $61.36 and a twelve month high of $84.88. The firm has a market cap of $43.59 billion, a price-to-earnings ratio of 37.85, a PEG ratio of 3.94 and a beta of 1.02. The business’s fifty day simple moving average is $77.92 and its two-hundred day simple moving average is $73.07. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1,842,560.16 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 EPS. Analysts predict that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.43 per share. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.26%. Fastenal’s payout ratio is 77.61%.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.