Wolfe Research Cuts Fastenal (NASDAQ:FAST) Price Target to $42.00

Fastenal (NASDAQ:FAST) had its price objective decreased by Wolfe Research from $43.00 to $42.00 in a research note issued to investors on Wednesday morning,MarketScreener reports. Wolfe Research currently has an underperform rating on the stock.

FAST has been the subject of several other reports. Jefferies Financial Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Robert W. Baird cut their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday. Finally, UBS Group raised shares of Fastenal from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research report on Monday, December 15th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.00.

Fastenal Price Performance

Shares of FAST opened at $43.89 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.85. The company has a 50 day moving average price of $41.47 and a 200-day moving average price of $44.44. Fastenal has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The stock has a market capitalization of $50.39 billion, a PE ratio of 39.90, a PEG ratio of 2.87 and a beta of 0.90.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. Fastenal’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. Equities analysts predict that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s payout ratio is presently 82.24%.

Insider Activity

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director owned 10,000 shares in the company, valued at approximately $495,800. This trade represents a 11.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sarah N. Nielsen purchased 1,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at $198,000. This represents a 25.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Fastenal

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Fastenal by 103.5% in the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock worth $6,265,119,000 after acquiring an additional 75,852,223 shares during the last quarter. State Street Corp increased its holdings in shares of Fastenal by 99.6% in the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock valued at $2,281,330,000 after purchasing an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Fastenal by 103.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after purchasing an additional 23,380,022 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fastenal by 103.8% during the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after purchasing an additional 18,329,847 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Fastenal by 87.9% during the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock worth $1,463,743,000 after purchasing an additional 16,308,254 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.