Fastenal Company (FAST) Earns Market Perform Rating from Wells Fargo & Company
Wells Fargo & Company reaffirmed their market perform rating on shares of Fastenal Company (NASDAQ:FAST) in a research note released on Wednesday, July 12th. Wells Fargo & Company currently has a $47.00 price target on the stock, down from their previous price target of $51.00.
A number of other research firms have also commented on FAST. Longbow Research raised Fastenal from a neutral rating to a buy rating and set a $55.00 price objective on the stock in a research note on Friday, June 2nd. Credit Suisse Group raised Fastenal from a neutral rating to an outperform rating and set a $55.00 price objective on the stock in a research note on Wednesday, April 19th. Argus raised Fastenal from a hold rating to a buy rating and set a $54.00 price objective on the stock in a research note on Tuesday, April 18th. Raymond James Financial, Inc. raised Fastenal from a market perform rating to a buy rating and set a $50.00 price objective on the stock in a research note on Wednesday, April 19th. Finally, Zacks Investment Research raised Fastenal from a hold rating to a buy rating and set a $58.00 price target on the stock in a research note on Tuesday, March 21st. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $50.14.
Fastenal (NASDAQ:FAST) opened at 43.07 on Wednesday. The stock has a market cap of $12.40 billion, a P/E ratio of 23.70 and a beta of 0.98. Fastenal has a 1-year low of $37.70 and a 1-year high of $52.74. The firm’s 50-day moving average is $43.28 and its 200-day moving average is $46.88.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The company had revenue of $1.12 billion for 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 business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.46 earnings per share. On average, analysts forecast that Fastenal will post $1.92 EPS for the current year.
Fastenal declared that its Board of Directors has approved a share repurchase plan on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th will be paid a $0.32 dividend. The ex-dividend date is Monday, July 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.97%. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
In related news, CFO Holden Lewis acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The shares were acquired at an average price of $43.76 per share, with a total value of $43,760.00. Following the acquisition, the chief financial officer now owns 1,000 shares of the company’s stock, valued at approximately $43,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction on Monday, July 24th. The stock was acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Insiders have bought a total of 3,600 shares of company stock worth $154,256 in the last ninety days. Insiders own 0.55% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust boosted its stake in Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after buying an additional 88 shares during the last quarter. FNY Managed Accounts LLC purchased a new position in shares of Fastenal during the first quarter valued at approximately $133,000. CENTRAL TRUST Co raised its position in shares of Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after buying an additional 433 shares during the period. Clearbridge Investments LLC raised its position in shares of Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after buying an additional 2,644 shares during the period. Finally, Penserra Capital Management LLC raised its position in shares of Fastenal by 9.1% in the second quarter. Penserra Capital Management LLC now owns 4,316 shares of the company’s stock valued at $187,000 after buying an additional 360 shares during the period. 82.54% of the stock is currently owned by hedge funds and other institutional investors.
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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