Fastenal Company (NASDAQ:FAST)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a research note issued on Monday. They presently have a $46.00 target price on the stock, up from their prior target price of $44.00. Morgan Stanley’s target price points to a potential upside of 0.52% from the company’s current price.

A number of other research firms have also commented on FAST. Credit Suisse Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Tuesday, June 13th. BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Wells Fargo & Company reissued a “market perform” rating and set a $47.00 target price (down from $51.00) on shares of Fastenal in a report on Wednesday, July 12th. Finally, Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $50.53.

Fastenal (FAST) traded down 0.26% during trading on Monday, hitting $45.64. The company had a trading volume of 1,188,346 shares. Fastenal has a one year low of $37.70 and a one year high of $52.74. The company has a market capitalization of $13.14 billion, a price-to-earnings ratio of 25.12 and a beta of 1.00. The stock has a 50-day moving average of $43.06 and a 200 day moving average of $44.58.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 earnings per share. Equities analysts forecast that Fastenal will post $1.92 EPS for the current fiscal year.

Fastenal declared that its board has initiated a share buyback program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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In related news, insider William Joseph Drazkowski bought 1,000 shares of the firm’s stock in a transaction on Friday, July 21st. The shares were purchased at an average price of $42.36 per share, with a total value of $42,360.00. Following the completion of the purchase, the insider now owns 1,960 shares in the company, valued at approximately $83,025.60. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stephen L. Eastman bought 800 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were bought at an average cost of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 3,400 shares of company stock valued at $142,960. 0.55% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in FAST. Nuance Investments LLC acquired a new stake in shares of Fastenal during the 2nd quarter valued at $3,048,000. Sawtooth Solutions LLC grew its position in Fastenal by 15.4% during the 2nd quarter. Sawtooth Solutions LLC now owns 24,473 shares of the company’s stock worth $1,065,000 after acquiring an additional 3,275 shares during the last quarter. Girard Partners LTD. grew its position in Fastenal by 14.5% during the 2nd quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock worth $508,000 after acquiring an additional 1,477 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Fastenal by 58.4% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 23,487 shares of the company’s stock worth $1,022,000 after acquiring an additional 8,655 shares during the last quarter. Finally, Seven Eight Capital LP grew its position in Fastenal by 67.2% during the 2nd quarter. Seven Eight Capital LP now owns 9,700 shares of the company’s stock worth $422,000 after acquiring an additional 3,900 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

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.

Analyst Recommendations for Fastenal (NASDAQ:FAST)

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