Fastenal (NASDAQ:FAST) PT Raised to $64.00 at HSBC

Fastenal (NASDAQ:FAST) had its price target lifted by HSBC from $59.00 to $64.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Fastenal from $75.00 to $85.00 and gave the company a buy rating in a report on Monday, March 18th. Robert W. Baird reduced their price target on shares of Fastenal from $77.00 to $71.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fastenal presently has an average rating of Hold and an average target price of $67.67.

Fastenal Price Performance

Shares of FAST stock opened at $67.50 on Monday. Fastenal has a 12-month low of $52.28 and a 12-month high of $79.04. The firm has a market capitalization of $38.63 billion, a price-to-earnings ratio of 33.42, a price-to-earnings-growth ratio of 3.59 and a beta of 1.05. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average of $73.67 and a 200-day moving average of $66.21.

Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the company posted $0.52 earnings per share. Fastenal’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that Fastenal will post 2.13 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Wednesday, April 24th. Fastenal’s dividend payout ratio is presently 77.23%.

Insider Buying and Selling at Fastenal

In other news, insider William Joseph Drazkowski sold 11,968 shares of Fastenal stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $69.10, for a total transaction of $826,988.80. Following the completion of the transaction, the insider now directly owns 5,997 shares in the company, valued at $414,392.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Fastenal news, insider William Joseph Drazkowski sold 11,968 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the transaction, the insider now owns 5,997 shares in the company, valued at approximately $414,392.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel L. Johnson bought 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was purchased at an average cost of $68.38 per share, with a total value of $229,073.00. Following the completion of the transaction, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 71,640 shares of company stock valued at $5,044,657. Corporate insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Several hedge funds have recently bought and sold shares of the company. Essex Financial Services Inc. grew its position in Fastenal by 1.8% in the fourth quarter. Essex Financial Services Inc. now owns 8,539 shares of the company’s stock worth $553,000 after acquiring an additional 148 shares in the last quarter. Panagora Asset Management Inc. increased its position in Fastenal by 0.8% during the 4th quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock valued at $1,237,000 after purchasing an additional 152 shares during the period. Hartford Financial Management Inc. raised its position in shares of Fastenal by 46.9% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares in the last quarter. Quarry LP lifted its position in Fastenal by 62.3% during the fourth quarter. Quarry LP now owns 409 shares of the company’s stock valued at $26,000 after buying an additional 157 shares during the period. Finally, Accredited Investors Inc. boosted its position in shares of Fastenal by 0.9% in the 4th quarter. Accredited Investors Inc. now owns 18,129 shares of the company’s stock worth $1,174,000 after purchasing an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Company Profile

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.