Fastenal (NASDAQ:FAST) Hits New 12-Month High – Should You Buy?

Fastenal Company (NASDAQ:FAST)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $52.92 and last traded at $52.38, with a volume of 9698192 shares changing hands. The stock had previously closed at $52.15.

Wall Street Analyst Weigh In

A number of research firms recently commented on FAST. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Wolfe Research reiterated an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research report on Thursday, July 9th. Finally, Morgan Stanley boosted their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.17.

Fastenal Stock Down 1.7%

The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The stock’s fifty day simple moving average is $47.39 and its 200-day simple moving average is $46.07. The stock has a market cap of $58.91 billion, a P/E ratio of 43.51, a PEG ratio of 3.26 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 EPS. On average, research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is currently 88.14%.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $25,000. Palladiem LLC bought a new position in Fastenal in the 4th quarter worth approximately $25,000. Evergreen Advisors LLC acquired a new stake in Fastenal in the 1st quarter valued at approximately $26,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Fastenal during the second quarter valued at $26,000. Finally, MV Capital Management Inc. acquired a new position in Fastenal during the 4th quarter valued at about $29,000. 81.38% of the stock is owned by institutional investors and hedge funds.

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.