Fastenal (FAST) Cut to Hold at ValuEngine

ValuEngine cut shares of Fastenal (NASDAQ:FAST) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

FAST has been the topic of several other research reports. BidaskClub raised shares of Fastenal from a sell rating to a hold rating in a research note on Wednesday, October 31st. Longbow Research cut shares of Fastenal from a buy rating to a neutral rating in a research note on Tuesday. Zacks Investment Research cut shares of Fastenal from a buy rating to a hold rating in a research note on Thursday, October 4th. Buckingham Research assumed coverage on shares of Fastenal in a research note on Monday, October 22nd. They set a neutral rating and a $50.00 target price on the stock. Finally, Wells Fargo & Co set a $50.00 target price on shares of Fastenal and gave the company a hold rating in a research note on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Fastenal presently has an average rating of Hold and a consensus price target of $57.00.

Fastenal stock opened at $55.25 on Wednesday. The stock has a market cap of $16.45 billion, a price-to-earnings ratio of 28.63, a P/E/G ratio of 1.58 and a beta of 1.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35. Fastenal has a 52 week low of $47.37 and a 52 week high of $61.14.

Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The firm had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. Fastenal’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS. As a group, research analysts forecast that Fastenal will post 2.59 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, October 23rd. This represents a $1.60 annualized dividend and a dividend yield of 2.90%. Fastenal’s dividend payout ratio is currently 82.90%.

In other Fastenal news, Director Daniel L. Johnson acquired 965 shares of the stock in a transaction dated Monday, October 22nd. The shares were bought at an average price of $51.56 per share, with a total value of $49,755.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Daniel L. Florness acquired 2,000 shares of the stock in a transaction dated Friday, October 12th. The stock was acquired at an average cost of $51.95 per share, for a total transaction of $103,900.00. Following the purchase, the chief executive officer now directly owns 99,845 shares in the company, valued at $5,186,947.75. The disclosure for this purchase can be found here. Insiders bought a total of 5,795 shares of company stock worth $299,849 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace North America L.P. grew its stake in shares of Fastenal by 86.3% in the 3rd quarter. Marshall Wace North America L.P. now owns 196,415 shares of the company’s stock worth $11,396,000 after purchasing an additional 91,005 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Fastenal by 1.0% in the third quarter. Vanguard Group Inc. now owns 32,459,382 shares of the company’s stock worth $1,883,293,000 after acquiring an additional 311,099 shares in the last quarter. Legal & General Group Plc increased its position in shares of Fastenal by 0.8% in the third quarter. Legal & General Group Plc now owns 1,444,214 shares of the company’s stock worth $83,786,000 after acquiring an additional 11,185 shares in the last quarter. Standard Life Aberdeen plc increased its position in shares of Fastenal by 29.2% in the third quarter. Standard Life Aberdeen plc now owns 111,518 shares of the company’s stock worth $6,471,000 after acquiring an additional 25,221 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Fastenal by 6.1% in the third quarter. Nordea Investment Management AB now owns 1,082,870 shares of the company’s stock worth $62,830,000 after acquiring an additional 62,287 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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