Fastenal (NASDAQ:FAST) had its price target reduced by Wells Fargo & Co from $35.00 to $30.00 in a research report sent to investors on Friday morning, BenzingaRatingsTable reports. They currently have a market perform rating on the stock.
Other equities research analysts have also recently issued reports about the company. Buckingham Research set a $31.00 price objective on Fastenal and gave the company a neutral rating in a research note on Friday, June 14th. Northcoast Research cut Fastenal from a buy rating to a neutral rating in a research note on Monday, April 15th. They noted that the move was a valuation call. Morgan Stanley set a $207.00 price objective on Alibaba Group and gave the company a buy rating in a research note on Friday. ValuEngine cut Verso from a hold rating to a sell rating in a research note on Thursday, May 23rd. Finally, Zacks Investment Research raised Hope Bancorp from a sell rating to a hold rating in a research note on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $31.31.
NASDAQ:FAST opened at $30.68 on Friday. Fastenal has a 52 week low of $24.00 and a 52 week high of $35.94. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.68 and a quick ratio of 2.13. The stock has a market capitalization of $17.71 billion, a P/E ratio of 23.01, a P/E/G ratio of 1.38 and a beta of 1.25. The company has a fifty day simple moving average of $31.78.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Thursday, July 11th. The company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.01). Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the firm posted $0.37 earnings per share. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities analysts expect that Fastenal will post 1.4 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, July 25th will be paid a $0.22 dividend. The ex-dividend date is Wednesday, July 24th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.87%. Fastenal’s payout ratio is presently 65.15%.
In related news, insider Leland J. Hein sold 19,929 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $70.37, for a total transaction of $1,402,403.73. Following the completion of the transaction, the insider now directly owns 14,931 shares of the company’s stock, valued at approximately $1,050,694.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sheryl Ann Lisowski sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $71.38, for a total value of $713,800.00. Following the transaction, the chief accounting officer now directly owns 10,300 shares of the company’s stock, valued at $735,214. The disclosure for this sale can be found here. Insiders have sold a total of 163,470 shares of company stock valued at $11,485,007 over the last three months. 0.62% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Securian Asset Management Inc lifted its holdings in Fastenal by 0.5% during the 1st quarter. Securian Asset Management Inc now owns 29,785 shares of the company’s stock worth $1,915,000 after buying an additional 150 shares during the last quarter. Old North State Trust LLC lifted its holdings in Fastenal by 20.6% during the 1st quarter. Old North State Trust LLC now owns 966 shares of the company’s stock worth $62,000 after buying an additional 165 shares during the last quarter. Park National Corp OH lifted its holdings in Fastenal by 2.9% during the 1st quarter. Park National Corp OH now owns 5,850 shares of the company’s stock worth $376,000 after buying an additional 167 shares during the last quarter. Cetera Advisors LLC lifted its holdings in shares of Fastenal by 2.7% in the 4th quarter. Cetera Advisors LLC now owns 8,123 shares of the company’s stock valued at $425,000 after purchasing an additional 213 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Fastenal by 1.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 12,572 shares of the company’s stock valued at $657,000 after purchasing an additional 221 shares during the last quarter. 85.36% of the stock is owned by hedge funds and other 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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