Fastenal Company (NASDAQ:FAST) Given Consensus Rating of “Hold” by Analysts

Fastenal Company (NASDAQ:FAST) has been assigned a consensus rating of “Hold” from the thirteen ratings firms that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $48.8333.

Several equities research analysts have recently issued reports on FAST shares. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Benchmark reiterated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Morgan Stanley reissued a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. UBS Group reissued a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Robert W. Baird boosted their target price on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, March 6th.

Fastenal Stock Performance

NASDAQ:FAST opened at $43.76 on Monday. The firm has a market capitalization of $50.25 billion, a PE ratio of 39.78, a PEG ratio of 2.79 and a beta of 0.88. The stock’s fifty day moving average is $45.27 and its 200 day moving average is $43.93. Fastenal has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same period in the previous year, the firm earned $0.46 earnings per share. Fastenal’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio (DPR) is presently 87.27%.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the sale, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FAST. Rockefeller Capital Management L.P. increased its position in shares of Fastenal by 18.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 187,824 shares of the company’s stock worth $7,537,000 after acquiring an additional 29,189 shares during the period. Meadowbrook Advisors Group LLC bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $901,000. Corient Private Wealth LLC boosted its holdings in shares of Fastenal by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 627,063 shares of the company’s stock valued at $25,171,000 after purchasing an additional 25,360 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Fastenal in the fourth quarter valued at approximately $64,000. Finally, Bayban bought a new position in Fastenal in the fourth quarter worth approximately $426,000. Institutional investors own 81.38% of the company’s stock.

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.