JPMorgan Chase & Co. Issues Positive Forecast for Fastenal (NASDAQ:FAST) Stock Price

Fastenal (NASDAQ:FAST) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $46.00 to $47.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential downside of 4.77% from the company’s previous close.

Several other research firms have also commented on FAST. Robert W. Baird increased their price target on shares of Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. UBS Group restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Barclays raised their target price on shares of Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, March 6th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $49.17.

Fastenal Stock Up 2.4%

FAST stock opened at $49.36 on Thursday. The company’s 50 day simple moving average is $45.88 and its 200-day simple moving average is $43.77. The firm has a market capitalization of $56.68 billion, a PE ratio of 44.76, a P/E/G ratio of 2.94 and a beta of 0.84. Fastenal has a 12 month low of $36.63 and a 12 month 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.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 earnings per share. Equities analysts expect that Fastenal will post 2.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction 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 sale, the director owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fastenal

Hedge funds have recently added to or reduced their stakes in the stock. Elyxium Wealth LLC bought a new stake in Fastenal during the 4th quarter worth about $25,000. Palladiem LLC acquired a new position in Fastenal during the 4th quarter valued at about $25,000. MV Capital Management Inc. acquired a new position in Fastenal during the 4th quarter valued at about $29,000. SOA Wealth Advisors LLC. lifted its position in Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after purchasing an additional 255 shares during the period. Finally, REAP Financial Group LLC acquired a new position in Fastenal during the 3rd quarter valued at about $30,000. Institutional investors own 81.38% of the company’s stock.

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.