Fastenal (FAST) Receives “Outperform” Rating from Credit Suisse Group
Credit Suisse Group reiterated their outperform rating on shares of Fastenal (NASDAQ:FAST) in a report published on Tuesday, The Fly reports. Credit Suisse Group currently has a $61.00 price objective on the stock, up from their previous price objective of $52.00.
Several other equities research analysts have also issued reports on FAST. Morgan Stanley restated an equal weight rating and set a $46.00 price target (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. BMO Capital Markets reiterated a market perform rating and issued a $51.00 price objective (up from $46.00) on shares of Fastenal in a research note on Tuesday, October 10th. Stephens set a $54.00 price objective on shares of Fastenal and gave the company a buy rating in a research note on Wednesday, October 11th. KeyCorp reiterated a buy rating and issued a $52.00 price objective on shares of Fastenal in a research note on Thursday, October 12th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $51.00 price objective on shares of Fastenal in a research note on Monday, December 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Fastenal presently has a consensus rating of Buy and an average target price of $53.00.
Fastenal (FAST) traded down $0.95 during trading on Tuesday, hitting $54.41. 3,101,121 shares of the company’s stock traded hands, compared to its average volume of 2,174,486. Fastenal has a 1 year low of $39.79 and a 1 year high of $55.92. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.45 and a current ratio of 5.36. The company has a market cap of $15,640.00, a PE ratio of 29.10, a P/E/G ratio of 1.84 and a beta of 1.09.
In other Fastenal news, insider Leland J. Hein sold 10,000 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $47.14, for a total value of $471,400.00. Following the completion of the transaction, the insider now directly owns 21,290 shares of the company’s stock, valued at approximately $1,003,610.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Terry Modock Owen sold 30,000 shares of Fastenal stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $48.02, for a total transaction of $1,440,600.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,746 shares of company stock valued at $4,020,619. Insiders own 0.55% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Bank of Australia lifted its holdings in shares of Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after acquiring an additional 753 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Fastenal during the 3rd quarter worth $114,000. Cable Hill Partners LLC bought a new stake in shares of Fastenal during the 3rd quarter worth $126,000. Krilogy Financial LLC lifted its holdings in shares of Fastenal by 2.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after acquiring an additional 70 shares during the last quarter. Finally, Carlson Capital Management bought a new stake in shares of Fastenal during the 4th quarter worth $219,000. 84.54% of the stock is owned by institutional investors.
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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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