Fastenal (NASDAQ:FAST) Price Target Raised to $86.00

Fastenal (NASDAQ:FAST) had its price objective raised by equities researchers at Robert W. Baird from $80.00 to $86.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Robert W. Baird’s price target points to a potential upside of 6.65% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Wolfe Research raised Fastenal from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. William Blair raised shares of Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus lowered their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average price target of $77.45.

Fastenal Price Performance

FAST stock opened at $80.64 on Monday. The firm has a 50 day moving average of $75.56 and a 200-day moving average of $76.37. The firm has a market capitalization of $46.24 billion, a P/E ratio of 40.12, a price-to-earnings-growth ratio of 3.58 and a beta of 1.05. Fastenal has a 12 month low of $61.36 and a 12 month high of $84.88. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, April 11th. The company reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.94 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. As a group, sell-side analysts predict that Fastenal will post 2.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fastenal

A number of large investors have recently bought and sold shares of the stock. Godsey & Gibb Inc. grew its holdings in shares of Fastenal by 1.3% in the first quarter. Godsey & Gibb Inc. now owns 300,237 shares of the company’s stock worth $23,283,000 after purchasing an additional 3,737 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in Fastenal by 18.6% in the 1st quarter. Gateway Investment Advisers LLC now owns 18,972 shares of the company’s stock worth $1,471,000 after acquiring an additional 2,980 shares during the last quarter. SeaCrest Wealth Management LLC increased its position in shares of Fastenal by 1.7% in the first quarter. SeaCrest Wealth Management LLC now owns 10,225 shares of the company’s stock valued at $793,000 after acquiring an additional 172 shares during the period. Procyon Advisors LLC raised its stake in shares of Fastenal by 4.3% during the first quarter. Procyon Advisors LLC now owns 12,574 shares of the company’s stock valued at $975,000 after acquiring an additional 524 shares during the last quarter. Finally, Unique Wealth LLC purchased a new stake in shares of Fastenal during the first quarter worth about $338,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

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.