A number of research firms have changed their ratings and price targets for Fastenal (NASDAQ: FAST):

  • 1/11/2019 – Fastenal was given a new $51.00 price target on by analysts at Buckingham Research. They now have a “hold” rating on the stock.
  • 1/8/2019 – Fastenal was upgraded by analysts at Wolfe Research from an “underperform” rating to a “market perform” rating.
  • 1/7/2019 – Fastenal is now covered by analysts at Jefferies Financial Group Inc. They set a “hold” rating and a $60.00 price target on the stock.
  • 1/3/2019 – Fastenal was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “sell” rating. According to Zacks, “Product and freight inflation, unfavorable product mix, pricing as well as competitive pressures have been hurting gross margins of Fastenal. In the first nine months of 2018, Fastenal’s gross margins declined 90 basis points year over year due to tough comparison, along with product and freight inflation. That said, the company’s aggressive investment to increase Onsite locations, vending machines count and the ecommerce business raise hope. Sales through vending devices also continued to grow at a pace of more than 20% in the quarter, primarily due to higher installed base. Although Fastenal remains optimistic about its performance in the forthcoming quarters, given improved pricing expectation as well as reasonable gross margin comparisons through the rest of 2018, we wait for better visibility. Earnings estimates for the fourth quarter have remained unchanged over the past 60 days, limiting the upside potential for the stock.”
  • 12/18/2018 – Fastenal is now covered by analysts at Morgan Stanley. They set an “equal weight” rating and a $55.00 price target on the stock.
  • 12/14/2018 – Fastenal was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $61.00 price target on the stock. According to Zacks, “Shares of Fastenal have outperformed the industry in the past year. It delivered better-than-expected earnings in the trailing two quarters. Moreover, the company’s top line surpassed the consensus estimate over the past seven quarters. Estimates have also been trending upward for the stock over the past 30 days. Higher market demand, growth in industrial vending business and existing Onsite locations have been driving Fastenal’s performance over the past few quarters. The company’s aggressive investment to increase Onsite locations, vending machines count and the ecommerce business is expected to boost sales. Meanwhile, sales through vending devices continued to grow at a pace of more than 20% in the quarter, primarily due to higher installed base. However, product and freight inflation, unfavorable product mix, pricing as well as competitive pressures have been hurting gross margins of the company.”
  • 12/5/2018 – Fastenal was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 12/4/2018 – Fastenal was downgraded by analysts at Longbow Research from a “buy” rating to a “neutral” rating.
  • 12/4/2018 – Fastenal was upgraded by analysts at Longbow Research from a “neutral” rating to a “buy” rating. They now have a $63.00 price target on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 11/17/2018 – Fastenal was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating.
  • 11/15/2018 – Fastenal was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.

Shares of FAST opened at $54.84 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48. The stock has a market capitalization of $15.47 billion, a PE ratio of 28.41, a PEG ratio of 1.21 and a beta of 1.11. Fastenal has a one year low of $47.37 and a one year high of $61.14.

In other Fastenal news, CFO Holden Lewis purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 16th. The shares were acquired at an average price of $52.28 per share, with a total value of $26,140.00. Following the transaction, the chief financial officer now owns 3,500 shares in the company, valued at $182,980. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William Joseph Drazkowski purchased 830 shares of the company’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was acquired at an average cost of $50.54 per share, for a total transaction of $41,948.20. Following the transaction, the insider now owns 2,790 shares in the company, valued at approximately $141,006.60. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 2,295 shares of company stock valued at $117,844. 0.56% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in FAST. Dimensional Fund Advisors LP lifted its position in Fastenal by 2.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,061,644 shares of the company’s stock valued at $51,102,000 after acquiring an additional 22,390 shares in the last quarter. AMP Capital Investors Ltd lifted its position in shares of Fastenal by 6.3% during the 2nd quarter. AMP Capital Investors Ltd now owns 90,699 shares of the company’s stock worth $4,366,000 after buying an additional 5,382 shares in the last quarter. Morgan Stanley lifted its position in shares of Fastenal by 35.3% during the 2nd quarter. Morgan Stanley now owns 2,184,270 shares of the company’s stock worth $105,130,000 after buying an additional 569,836 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of Fastenal by 31.7% during the 2nd quarter. Macquarie Group Ltd. now owns 18,700 shares of the company’s stock worth $901,000 after buying an additional 4,500 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Fastenal during the 2nd quarter worth approximately $1,322,000. 85.04% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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