Fastenal (NASDAQ:FAST) Reaches New 1-Year High – Still a Buy?

Fastenal Company (NASDAQ:FAST)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $50.80 and last traded at $50.7780, with a volume of 16350 shares traded. The stock had previously closed at $49.99.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FAST shares. Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Robert W. Baird cut 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. Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. DA Davidson reissued a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Stock Up 1.2%

The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The stock has a market cap of $58.05 billion, a P/E ratio of 42.76, a PEG ratio of 3.11 and a beta of 0.72. The firm has a 50-day simple moving average of $46.60 and a two-hundred day simple moving average of $45.73.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. Equities research analysts expect that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fastenal’s payout ratio is presently 88.14%.

Insider Transactions at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FAST. Elyxium Wealth LLC bought a new position in Fastenal in the fourth quarter valued at about $25,000. Palladiem LLC bought a new stake in shares of Fastenal during the fourth quarter worth about $25,000. Evergreen Advisors LLC acquired a new position in shares of Fastenal in the first quarter valued at approximately $26,000. MV Capital Management Inc. bought a new position in Fastenal in the 4th quarter valued at approximately $29,000. Finally, Field & Main Bank acquired a new stake in Fastenal during the 4th quarter worth approximately $30,000. 81.38% of the stock is currently owned by institutional investors.

About Fastenal

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.