Fastenal’s (FAST) Buy Rating Reiterated at Credit Suisse Group
Credit Suisse Group reiterated their buy rating on shares of Fastenal Company (NASDAQ:FAST) in a research report sent to investors on Thursday, July 13th. They currently have a $52.00 price target on the stock.
Several other research analysts have also weighed in on the company. Robert W. Baird raised Fastenal from a neutral rating to an outperform rating and set a $53.00 target price on the stock in a research report on Wednesday, July 12th. Wells Fargo & Company reaffirmed a market perform rating and issued a $47.00 target price (down from $51.00) on shares of Fastenal in a research report on Wednesday, July 12th. Morgan Stanley reaffirmed an equal weight rating on shares of Fastenal in a research report on Tuesday, July 11th. BidaskClub raised Fastenal from a sell rating to a hold rating in a research report on Wednesday, July 5th. Finally, Zacks Investment Research lowered Fastenal from a buy rating to a hold rating in a research report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Fastenal currently has an average rating of Buy and an average price target of $50.14.
Shares of Fastenal (FAST) opened at 42.49 on Thursday. The firm has a 50-day moving average price of $43.26 and a 200-day moving average price of $46.80. Fastenal has a 52-week low of $37.70 and a 52-week high of $52.74. The stock has a market cap of $12.24 billion, a P/E ratio of 23.38 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company posted $0.46 EPS. On average, analysts anticipate that Fastenal will post $1.92 EPS for the current fiscal year.
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Fastenal announced that its Board of Directors has initiated a share buyback program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s payout ratio is 70.33%.
In other news, Director Daniel L. Johnson purchased 600 shares of the firm’s stock in a transaction that occurred 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Holden Lewis purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was purchased at an average price of $43.76 per share, with a total value of $43,760.00. Following the completion of the purchase, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at approximately $43,760. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 3,600 shares of company stock worth $154,256. Corporate insiders own 0.55% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. FNY Managed Accounts LLC purchased a new position in Fastenal during the first quarter worth approximately $133,000. Parkside Financial Bank & Trust increased its position in Fastenal by 0.3% in the first quarter. Parkside Financial Bank & Trust now owns 2,937 shares of the company’s stock worth $152,000 after buying an additional 9 shares during the period. Clearbridge Investments LLC increased its position in Fastenal by 417.7% in the first quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock worth $169,000 after buying an additional 2,644 shares during the period. CENTRAL TRUST Co increased its position in Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares during the period. Finally, Advisory Services Network LLC purchased a new position in Fastenal during the first quarter worth approximately $191,000. Institutional investors and hedge funds own 82.54% 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.
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