Fastenal Co. (FAST) Lowered to “Hold” at Argus
Several other equities analysts have also recently commented on FAST. Credit Suisse Group AG restated a neutral rating and set a $43.00 price target on shares of Fastenal in a report on Friday, June 17th. Morgan Stanley assumed coverage on shares of Fastenal in a report on Thursday, July 7th. They set an equal weight rating and a $46.00 price target on the stock. BMO Capital Markets reaffirmed a market perform rating and issued a $47.00 price objective on shares of Fastenal in a research note on Wednesday, July 13th. Zacks Investment Research lowered shares of Fastenal from a hold rating to a strong sell rating in a research note on Thursday, July 14th. Finally, Macquarie assumed coverage on shares of Fastenal in a research note on Thursday, August 25th. They issued a neutral rating and a $50.00 price objective for the company. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $47.15.
Shares of Fastenal (NASDAQ:FAST) traded up 0.42% during mid-day trading on Friday, hitting $38.50. The stock had a trading volume of 1,152,740 shares. Fastenal has a 52 week low of $35.10 and a 52 week high of $49.99. The stock has a 50-day moving average price of $41.29 and a 200 day moving average price of $43.99. The stock has a market cap of $11.13 billion, a P/E ratio of 22.00 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, October 11th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by $0.01. Fastenal had a net margin of 12.61% and a return on equity of 26.84%. The company had revenue of $1.01 billion for the quarter. During the same quarter in the prior year, the company posted $0.47 EPS. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities analysts forecast that Fastenal will post $1.74 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, October 21st. Fastenal’s dividend payout ratio is currently 69.77%.
Several hedge funds and other institutional investors have recently made changes to their positions in FAST. Cantab Capital Partners LLP bought a new position in shares of Fastenal during the second quarter worth approximately $119,000. American Research & Management Co. boosted its stake in Fastenal by 191.5% in the second quarter. American Research & Management Co. now owns 2,740 shares of the company’s stock worth $122,000 after buying an additional 1,800 shares during the last quarter. Washington Trust Bank boosted its stake in Fastenal by 2.3% in the second quarter. Washington Trust Bank now owns 2,762 shares of the company’s stock worth $123,000 after buying an additional 62 shares during the last quarter. Van ECK Associates Corp boosted its stake in Fastenal by 32.0% in the second quarter. Van ECK Associates Corp now owns 3,131 shares of the company’s stock worth $139,000 after buying an additional 759 shares during the last quarter. Finally, FineMark National Bank & Trust boosted its stake in Fastenal by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,420 shares of the company’s stock worth $152,000 after buying an additional 20 shares during the last quarter. 82.15% of the stock is owned by institutional investors and hedge funds.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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