Fastenal (NASDAQ:FAST) Raised to “Hold” at BidaskClub
A number of other analysts have also recently weighed in on the stock. ValuEngine cut shares of Fastenal from a sell rating to a strong sell rating in a research report on Thursday, May 23rd. Wells Fargo & Co decreased their price target on shares of Fastenal from $35.00 to $30.00 and set a market perform rating for the company in a research report on Friday, July 12th. Raymond James decreased their price target on shares of Fastenal from $39.00 to $37.00 and set a strong-buy rating for the company in a research report on Friday, July 12th. William Blair cut shares of Fastenal from an outperform rating to a market perform rating in a research report on Tuesday, May 7th. Finally, Morgan Stanley decreased their price target on shares of Fastenal from $31.50 to $29.00 and set an equal weight rating for the company in a research report on Friday, July 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $31.36.
Shares of Fastenal stock opened at $30.66 on Friday. The company has a fifty day moving average price of $30.70 and a 200 day moving average price of $49.83. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Fastenal has a twelve month low of $24.00 and a twelve month high of $35.94. The stock has a market cap of $17.58 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 1.33 and a beta of 1.22.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, July 25th will be issued a $0.22 dividend. The ex-dividend date is Wednesday, July 24th. This represents a $0.88 dividend on an annualized basis and a yield of 2.87%. Fastenal’s dividend payout ratio is currently 66.67%.
In other news, Director Daniel L. Johnson acquired 2,500 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were purchased at an average price of $30.49 per share, for a total transaction of $76,225.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael J. Ancius acquired 1,104 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was purchased at an average price of $30.13 per share, for a total transaction of $33,263.52. The disclosure for this purchase can be found here. Insiders acquired a total of 4,604 shares of company stock worth $138,479 in the last quarter. 0.62% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the business. Griffin Asset Management Inc. lifted its holdings in Fastenal by 87.9% in the 2nd quarter. Griffin Asset Management Inc. now owns 23,576 shares of the company’s stock worth $768,000 after buying an additional 11,026 shares in the last quarter. Luminus Management LLC acquired a new position in Fastenal in the 2nd quarter worth $1,001,000. Maverick Capital Ltd. raised its stake in shares of Fastenal by 352.6% in the 2nd quarter. Maverick Capital Ltd. now owns 205,720 shares of the company’s stock valued at $6,704,000 after purchasing an additional 160,270 shares in the last quarter. One Wealth Advisors LLC raised its stake in shares of Fastenal by 100.0% in the 2nd quarter. One Wealth Advisors LLC now owns 7,030 shares of the company’s stock valued at $229,000 after purchasing an additional 3,515 shares in the last quarter. Finally, Prudential PLC raised its stake in shares of Fastenal by 81.1% in the 2nd quarter. Prudential PLC now owns 14,310 shares of the company’s stock valued at $466,000 after purchasing an additional 6,410 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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