Fastenal Company (NASDAQ:FAST) Receives Consensus Recommendation of “Hold” from Analysts

Fastenal Company (NASDAQ:FAST) has been given an average rating of “Hold” by the fourteen analysts that are currently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $49.5714.

Several research firms recently issued reports on FAST. DA Davidson began coverage on shares of Fastenal in a research report on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price target on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Robert W. Baird reduced their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Wolfe Research reduced their price target on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 14th. Finally, Barclays set a $46.00 price target on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, June 3rd.

Fastenal Stock Performance

NASDAQ FAST opened at $48.03 on Wednesday. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $55.14 billion, a price-to-earnings ratio of 42.13, a P/E/G ratio of 3.02 and a beta of 0.73. The firm’s 50 day simple moving average is $45.16 and its 200 day simple moving average is $44.75. Fastenal has a 1 year low of $38.97 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. As a group, research analysts expect that Fastenal will post 1.23 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

Institutional Trading of Fastenal

A number of hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in Fastenal by 1.2% during the third quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company’s stock valued at $362,282,000 after acquiring an additional 90,095 shares during the last quarter. BlueStem Wealth Partners LLC bought a new stake in Fastenal during the third quarter valued at $634,000. Wiregrass Investment Management LLC bought a new stake in Fastenal during the fourth quarter valued at $1,020,000. Stance Capital LLC boosted its position in Fastenal by 653.1% during the third quarter. Stance Capital LLC now owns 54,976 shares of the company’s stock valued at $2,696,000 after acquiring an additional 47,676 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Fastenal by 20.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock valued at $13,173,000 after acquiring an additional 55,191 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

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.