Fastenal Company (NASDAQ:FAST) Receives $49.77 Consensus Price Target from Brokerages

Shares of Fastenal Company (NASDAQ:FAST) have been assigned an average recommendation of “Hold” from the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $49.7692.

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Benchmark reiterated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. JPMorgan Chase & Co. upped their target price on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Finally, Barclays upped their target price on Fastenal from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th.

Insider Activity at Fastenal

In related news, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC raised its position in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Tandem Investment Advisors Inc. lifted its stake in shares of Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after purchasing an additional 224 shares during the last quarter. Sittner & Nelson LLC lifted its stake in shares of Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares during the last quarter. Founders Capital Management LLC lifted its stake in shares of Fastenal by 2.2% in the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after purchasing an additional 228 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its stake in shares of Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock valued at $94,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $44.17 on Tuesday. Fastenal has a one year low of $38.97 and a one year high of $50.63. The company has a 50-day moving average of $45.63 and a two-hundred day moving average of $43.62. The stock has a market cap of $50.71 billion, a price-to-earnings ratio of 38.75, a PEG ratio of 2.81 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company posted $0.52 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities research analysts expect that Fastenal will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, April 28th. Fastenal’s payout ratio is currently 84.21%.

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.