Fastenal (NASDAQ:FAST) Price Target Raised to $47.00

Fastenal (NASDAQ:FAST) had its target price boosted by analysts at Barclays from $46.00 to $47.00 in a report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target points to a potential downside of 3.29% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. Wolfe Research lowered their price objective on Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a report on Tuesday, April 14th. Bank of America raised their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Robert W. Baird lowered their price target on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Finally, Sanford C. Bernstein restated an “underperform” rating and issued a $42.00 price objective on shares of Fastenal in a report on Tuesday, April 14th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $47.15.

Fastenal Stock Performance

Shares of FAST stock opened at $48.60 on Monday. Fastenal has a 1-year low of $38.97 and a 1-year high of $50.63. The company has a market cap of $55.79 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 3.10 and a beta of 0.72. 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 stock has a 50 day simple moving average of $45.34 and a 200-day simple moving average of $44.88.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Fastenal will post 1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Fastenal

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC purchased a new stake in shares of Fastenal during the fourth quarter worth $496,000. Integrated Wealth Concepts LLC grew its stake in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Fastenal during the 2nd quarter worth about $158,000. Jump Financial LLC purchased a new stake in Fastenal during the 2nd quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC raised its position in Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after purchasing an additional 1,771 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

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.