Credit Suisse Group Reaffirms “Outperform” Rating for Fastenal (FAST)
Fastenal (NASDAQ:FAST)‘s stock had its “outperform” rating reiterated by analysts at Credit Suisse Group in a note issued to investors on Tuesday, The Fly reports. They presently have a $61.00 target price on the stock, up from their prior target price of $52.00. Credit Suisse Group’s target price points to a potential upside of 12.11% from the company’s current price.
A number of other equities analysts also recently commented on the company. KeyCorp restated a “buy” rating and set a $52.00 target price on shares of Fastenal in a report on Thursday, October 12th. Stifel Nicolaus restated a “hold” rating and set a $51.00 target price on shares of Fastenal in a report on Monday, December 11th. BMO Capital Markets restated a “market perform” rating and set a $51.00 target price (up previously from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Stephens set a $54.00 price target on Fastenal and gave the stock a “buy” rating in a research note on Wednesday, October 11th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 price target (up from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $53.00.
Shares of Fastenal (NASDAQ FAST) traded down $0.95 during trading on Tuesday, hitting $54.41. The company had a trading volume of 3,101,100 shares, compared to its average volume of 2,174,500. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.45 and a current ratio of 5.36. The company has a market capitalization of $15,640.00, a P/E ratio of 29.10, a PEG ratio of 1.84 and a beta of 1.09. Fastenal has a one year low of $39.79 and a one year high of $55.92.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, meeting analysts’ consensus estimates of $0.50. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 earnings per share. equities analysts predict that Fastenal will post 1.93 EPS for the current year.
In related news, insider Leland J. Hein sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.74, for a total value of $487,400.00. Following the sale, the insider now directly owns 20,258 shares of the company’s stock, valued at $987,374.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Gary A. Polipnick sold 2,634 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $53.45, for a total value of $140,787.30. Following the completion of the sale, the insider now directly owns 59,323 shares in the company, valued at $3,170,814.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,746 shares of company stock worth $4,020,619. 0.55% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Bank of Australia grew its stake in shares of Fastenal by 44.9% in the second quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after acquiring an additional 753 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Fastenal in the third quarter worth $114,000. Cable Hill Partners LLC purchased a new stake in shares of Fastenal in the third quarter worth $126,000. Krilogy Financial LLC grew its stake in shares of Fastenal by 2.0% in the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after acquiring an additional 70 shares during the last quarter. Finally, Carlson Capital Management purchased a new stake in shares of Fastenal in the fourth quarter worth $219,000. 84.54% of the stock is currently owned by hedge funds and other institutional investors.
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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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