Brokerages Set Fastenal Company (NASDAQ:FAST) PT at $49.17

Shares of Fastenal Company (NASDAQ:FAST) have earned a consensus rating of “Hold” from the thirteen ratings firms that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $49.1667.

FAST has been the topic of a number of recent research reports. Weiss Ratings downgraded Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Morgan Stanley boosted their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research note on Friday, August 7th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Barclays reduced their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th.

Fastenal Price Performance

NASDAQ FAST opened at $51.44 on Thursday. The business’s fifty day moving average price is $47.78 and its 200-day moving average price is $46.28. The stock has a market capitalization of $59.03 billion, a price-to-earnings ratio of 43.59, a PEG ratio of 3.20 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal has a 1-year low of $38.97 and a 1-year high of $52.92.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, equities analysts predict that Fastenal will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Insider Buying and Selling at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% 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 Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Fastenal during the 2nd quarter valued at $5,105,454,000. Bank of New York Mellon Corp purchased a new position in shares of Fastenal during the 2nd quarter valued at $859,310,000. Norges Bank bought a new position in Fastenal in the 4th quarter worth $646,046,000. Wellington Management Group LLP boosted its holdings in Fastenal by 243.5% in the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after buying an additional 8,574,208 shares during the period. Finally, Legal & General Group Plc purchased a new stake in Fastenal in the 2nd quarter worth $410,919,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

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.