Brokerages Set Fastenal Company (NASDAQ:FAST) Price Target at $48.00

Shares of Fastenal Company (NASDAQ:FAST) have been given an average rating of “Hold” by the thirteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $48.00.

Several equities research analysts recently issued reports on FAST shares. Barclays set a $43.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. UBS Group reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Wolfe Research lowered their price objective on Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research report on Wednesday, January 21st. Finally, Robert W. Baird reduced their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th.

Fastenal Price Performance

FAST stock opened at $43.36 on Friday. Fastenal has a 1 year low of $35.31 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The firm has a market capitalization of $49.78 billion, a PE ratio of 39.42, a price-to-earnings-growth ratio of 2.76 and a beta of 0.90. The business has a 50 day simple moving average of $41.86 and a 200-day simple moving average of $44.44.

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

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be given a $0.24 dividend. The ex-dividend date of this dividend is Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Fastenal’s dividend payout ratio is currently 87.27%.

Insider Buying and Selling at Fastenal

In related news, Director Hsenghung Sam Hsu acquired 1,000 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average price of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This trade represents a 11.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of institutional investors have recently modified their holdings of FAST. Brighton Jones LLC acquired a new position in Fastenal in the 4th quarter valued at about $496,000. Integrated Wealth Concepts LLC boosted its stake in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Fastenal in the second quarter valued at approximately $213,000. AdvisorNet Financial Inc increased its stake in Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after buying an additional 342 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in Fastenal by 100.6% during the 2nd quarter. Fifth Third Bancorp now owns 77,800 shares of the company’s stock worth $3,268,000 after buying an additional 39,016 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

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.