Fastenal (NASDAQ:FAST) Rating Increased to Hold at DA Davidson

Fastenal (NASDAQ:FAST) was upgraded by equities research analysts at DA Davidson to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also issued reports on the company. Barclays set a $46.00 price objective on Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, June 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. JPMorgan Chase & Co. lifted their target price on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Wolfe Research cut their target price on Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 14th. Finally, Raymond James Financial set a $48.00 target price on Fastenal in a research note on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal has an average rating of “Hold” and a consensus target price of $49.57.

Fastenal Trading Down 0.1%

NASDAQ:FAST opened at $46.05 on Tuesday. Fastenal has a 12-month low of $38.97 and a 12-month high of $50.63. The firm has a market capitalization of $52.87 billion, a P/E ratio of 40.40, a P/E/G ratio of 2.93 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. The business has a 50 day simple moving average of $45.14 and a 200 day simple moving average of $44.35.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. Equities research analysts predict that Fastenal will post 1.24 EPS for the current year.

Institutional Trading of Fastenal

Hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC bought a new stake in shares of Fastenal in the 4th quarter worth $496,000. Integrated Wealth Concepts LLC raised its stake in shares of Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Fastenal in the 2nd quarter worth $158,000. Jump Financial LLC bought a new stake in shares of Fastenal in the 2nd quarter worth $2,199,000. Finally, Cary Street Partners Financial LLC raised its stake in shares of Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares in the last quarter. 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.