Fastenal Company (NASDAQ:FAST) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Tuesday.

FAST has been the subject of a number of other reports. Stifel Nicolaus reiterated a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research note on Tuesday. BMO Capital Markets reiterated a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research note on Monday. Northcoast Research reiterated a “buy” rating on shares of Fastenal in a research note on Friday, August 4th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Thursday, August 3rd. Finally, Raymond James Financial, Inc. upgraded Fastenal from an “outperform” rating to a “strong-buy” rating and set a $50.00 target price for the company in a research note on Thursday, July 13th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Fastenal has an average rating of “Buy” and a consensus target price of $49.85.

Shares of Fastenal (NASDAQ:FAST) opened at 41.16 on Tuesday. The stock has a market capitalization of $11.85 billion, a price-to-earnings ratio of 22.65 and a beta of 0.98. The stock’s 50 day moving average is $42.88 and its 200-day moving average is $46.03. Fastenal has a 52 week low of $37.70 and a 52 week high of $52.74.

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 Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Fastenal will post $1.92 earnings per share for the current fiscal year.

Fastenal announced that its Board of Directors has authorized a stock buyback program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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In other Fastenal news, Director Daniel L. Johnson purchased 600 shares of Fastenal stock in a transaction that occurred on Monday, July 24th. The stock was purchased at an average price of $42.71 per share, with a total value of $25,626.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Holden Lewis purchased 1,000 shares of Fastenal stock in a transaction that occurred on Monday, July 17th. The stock was acquired at an average cost of $42.51 per share, with a total value of $42,510.00. Following the acquisition, the chief financial officer now directly owns 2,000 shares of the company’s stock, valued at approximately $85,020. The disclosure for this purchase can be found here. Insiders bought 3,400 shares of company stock valued at $142,960 in the last ninety days. Company insiders own 0.55% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of FAST. Parkside Financial Bank & Trust increased its position in shares of 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 in the last quarter. Enterprise Financial Services Corp increased its position in shares of Fastenal by 0.5% in the second quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock worth $264,000 after buying an additional 28 shares in the last quarter. Curbstone Financial Management Corp increased its position in shares of Fastenal by 1.1% in the second quarter. Curbstone Financial Management Corp now owns 5,653 shares of the company’s stock worth $246,000 after buying an additional 60 shares in the last quarter. QS Investors LLC increased its position in shares of Fastenal by 1.6% in the second quarter. QS Investors LLC now owns 4,051 shares of the company’s stock worth $176,000 after buying an additional 63 shares in the last quarter. Finally, Krilogy Financial LLC increased its position in shares of Fastenal by 2.0% in the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after buying an additional 70 shares in the last quarter. 81.68% of the stock is 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.

Analyst Recommendations for Fastenal (NASDAQ:FAST)

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