Brokerages Set Fastenal Company (FAST) Target Price at $50.57
Shares of Fastenal Company (NASDAQ:FAST) have been given a consensus recommendation of “Buy” by the eighteen analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, ten have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $50.57.
A number of analysts have recently weighed in on the stock. KeyCorp reissued a “buy” rating and set a $52.00 price target on shares of Fastenal in a research report on Thursday, October 12th. Stephens set a $54.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research report on Wednesday, October 11th. BMO Capital Markets reissued a “market perform” rating and set a $51.00 price target (up previously from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Morgan Stanley reissued an “equal weight” rating and set a $46.00 price target (up previously from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. Finally, BidaskClub cut Fastenal from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd.
Fastenal (NASDAQ FAST) remained flat at $$48.47 during mid-day trading on Thursday. The company had a trading volume of 1,438,359 shares, compared to its average volume of 1,847,053. Fastenal has a 52 week low of $39.79 and a 52 week high of $52.74. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.36 and a quick ratio of 2.45. The firm has a market cap of $13,929.81, a price-to-earnings ratio of 25.78, a P/E/G ratio of 1.80 and a beta of 1.06.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter last year, the company earned $0.44 earnings per share. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. equities analysts predict that Fastenal will post 1.93 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is 68.09%.
In other Fastenal news, insider Terry Modock Owen sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $48.02, for a total value of $1,440,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Leland J. Hein sold 10,000 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $48.00, for a total value of $480,000.00. Following the completion of the sale, the vice president now owns 20,258 shares in the company, valued at $972,384. The disclosure for this sale can be found here. Insiders sold 60,112 shares of company stock worth $2,884,832 over the last quarter. 0.55% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of FAST. Commonwealth Bank of Australia lifted its stake in Fastenal by 44.9% in the second quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after buying an additional 753 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Fastenal during the third quarter valued at about $114,000. Cable Hill Partners LLC bought a new stake in shares of Fastenal during the third quarter valued at about $126,000. Parkside Financial Bank & Trust raised its stake in shares of Fastenal by 3.0% during the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after purchasing an additional 88 shares in the last quarter. Finally, Krilogy Financial LLC raised its stake in shares of Fastenal by 2.0% during the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock valued at $154,000 after purchasing an additional 70 shares in the last quarter. Institutional investors own 83.63% of the company’s stock.
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Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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