Wolfe Research Issues Positive Forecast for Fastenal (NASDAQ:FAST) Stock Price

Fastenal (NASDAQ:FAST) had its price objective upped by stock analysts at Wolfe Research from $42.00 to $43.00 in a research report issued to clients and investors on Friday,MarketScreener reports. The firm currently has an “underperform” rating on the stock. Wolfe Research’s price target points to a potential downside of 5.47% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Barclays set a $43.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Robert W. Baird lifted their price objective on shares of Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Finally, UBS Group restated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $48.27.

Fastenal Price Performance

NASDAQ:FAST opened at $45.49 on Friday. The company has a market cap of $52.23 billion, a P/E ratio of 41.53, a P/E/G ratio of 2.85 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. Fastenal has a 52-week low of $35.31 and a 52-week high of $50.63. The stock’s 50-day simple moving average is $43.81 and its 200 day simple moving average is $44.40.

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

Insider Buying and Selling

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the firm’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 transaction of $705,449.16. Following the completion of the transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.37% of the stock is owned by insiders.

Institutional Trading of Fastenal

A number of institutional investors have recently made changes to their positions in the stock. Astoria Portfolio Advisors LLC. lifted its position in Fastenal by 16.6% during the fourth quarter. Astoria Portfolio Advisors LLC. now owns 7,209 shares of the company’s stock valued at $289,000 after purchasing an additional 1,027 shares in the last quarter. Pacer Advisors Inc. raised its position in Fastenal by 10.1% in the 4th quarter. Pacer Advisors Inc. now owns 191,324 shares of the company’s stock worth $7,678,000 after purchasing an additional 17,516 shares during the period. Clear Retirement Advice LLC bought a new stake in Fastenal in the fourth quarter worth about $229,000. Kera Capital Partners Inc. bought a new stake in Fastenal in the fourth quarter worth about $266,000. Finally, MV Capital Management Inc. purchased a new position in shares of Fastenal during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors 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.