Fastenal’s (FAST) “Hold” Rating Reaffirmed at Stifel Nicolaus
Stifel Nicolaus reiterated their hold rating on shares of Fastenal Company (NASDAQ:FAST) in a research report report published on Tuesday. Stifel Nicolaus currently has a $46.00 price target on the stock.
Other equities research analysts have also issued research reports about the stock. Longbow Research upgraded shares of Fastenal from a neutral rating to a buy rating and set a $55.00 price objective for the company in a report on Friday, June 2nd. Credit Suisse Group set a $52.00 price objective on shares of Fastenal and gave the company a buy rating in a report on Thursday, May 4th. Zacks Investment Research upgraded shares of Fastenal from a hold rating to a buy rating and set a $49.00 price objective for the company in a report on Tuesday, June 13th. Northcoast Research assumed coverage on shares of Fastenal in a report on Tuesday, July 25th. They issued a buy rating and a $54.00 price target for the company. Finally, Morgan Stanley restated an equal weight rating and issued a $43.00 price target (down previously from $46.00) on shares of Fastenal in a report on Monday, June 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Fastenal currently has an average rating of Buy and a consensus price target of $49.84.
Shares of Fastenal (NASDAQ:FAST) opened at 41.46 on Tuesday. The stock has a 50 day moving average price of $42.72 and a 200 day moving average price of $45.93. Fastenal has a 52 week low of $37.70 and a 52 week high of $52.74. The firm has a market capitalization of $11.94 billion, a P/E ratio of 22.82 and a beta of 0.98.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business posted $0.46 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Fastenal will post $1.92 EPS for the current year.
Fastenal declared that its Board of Directors has initiated a share repurchase program on Tuesday, July 11th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date of this dividend was Monday, July 24th. Fastenal’s payout ratio is currently 70.33%.
In other news, Director Stephen L. Eastman acquired 800 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of $40.58 per share, with a total value of $32,464.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Holden Lewis acquired 1,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was purchased at an average cost of $42.51 per share, for a total transaction of $42,510.00. Following the transaction, the chief financial officer now owns 2,000 shares in the company, valued at $85,020. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 3,400 shares of company stock worth $142,960. Insiders own 0.55% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. IFP Advisors Inc increased its position in shares of Fastenal by 75.6% in the first quarter. IFP Advisors Inc now owns 7,519 shares of the company’s stock worth $387,000 after buying an additional 3,236 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Fastenal by 55.8% in the first quarter. Russell Investments Group Ltd. now owns 909,499 shares of the company’s stock valued at $46,846,000 after buying an additional 325,903 shares in the last quarter. Strs Ohio increased its stake in Fastenal by 177.3% in the first quarter. Strs Ohio now owns 1,298,496 shares of the company’s stock valued at $66,872,000 after buying an additional 830,181 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Fastenal by 7.0% in the first quarter. Janney Montgomery Scott LLC now owns 40,561 shares of the company’s stock valued at $2,089,000 after buying an additional 2,636 shares in the last quarter. Finally, Sawgrass Asset Management LLC increased its stake in Fastenal by 41.0% in the first quarter. Sawgrass Asset Management LLC now owns 700,608 shares of the company’s stock valued at $36,081,000 after buying an additional 203,883 shares in the last quarter. 81.68% 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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