Fastenal Company (NASDAQ:FAST) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Fastenal Company (NASDAQ:FAST) have been assigned an average recommendation of “Hold” from the thirteen research firms that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $48.8333.

FAST has been the subject of a number of analyst reports. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Robert W. Baird cut their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Wolfe Research restated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Finally, Bank of America increased their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th.

Fastenal Stock Up 1.9%

FAST stock opened at $47.02 on Friday. Fastenal has a one year low of $38.97 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm’s fifty day moving average is $45.92 and its 200 day moving average is $45.35. The firm has a market cap of $53.96 billion, a PE ratio of 39.85, a P/E/G ratio of 2.94 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The company’s revenue was up 14.7% compared to the same quarter last year. On average, research analysts forecast that Fastenal will post 1.25 EPS for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is currently 81.36%.

Institutional Trading of Fastenal

Several institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC lifted its stake in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares in the last quarter. Tandem Investment Advisors Inc. increased its stake in Fastenal by 1.8% during the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock worth $573,000 after buying an additional 224 shares in the last quarter. Sittner & Nelson LLC increased its stake in Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after buying an additional 226 shares in the last quarter. Founders Capital Management LLC raised its holdings in shares of Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after acquiring an additional 228 shares during the last quarter. Finally, Sound Income Strategies LLC raised its holdings in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock valued at $94,000 after acquiring an additional 232 shares during the last quarter. Institutional investors and hedge funds 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.