Fastenal (NASDAQ:FAST) Sets New 52-Week High – Should You Buy?

Shares of Fastenal Company (NASDAQ:FAST) hit a new 52-week high on Wednesday. The stock traded as high as $55.13 and last traded at $55.2320, with a volume of 224,911 shares trading hands. The stock had previously closed at $54.84.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FAST shares. Wolfe Research started coverage on shares of Fastenal in a research report on Tuesday, September 15th. They issued an “underperform” rating and a $51.00 price target on the stock. Argus lifted their price target on shares of Fastenal from $55.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, October 21st. William Blair restated an “outperform” rating on shares of Fastenal in a research report on Friday, September 4th. Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Finally, Morgan Stanley increased their price objective on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $51.46.

Fastenal Stock Up 0.2%

The business’s 50 day simple moving average is $50.86 and its 200-day simple moving average is $47.54. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.11 and a current ratio of 3.93. The company has a market cap of $63.03 billion, a price-to-earnings ratio of 44.29, a price-to-earnings-growth ratio of 3.26 and a beta of 0.66.

Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.44 billion. Fastenal had a return on equity of 35.13% and a net margin of 15.62%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 EPS. Sell-side analysts expect that Fastenal Company will post 1.28 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Wednesday, October 28th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, October 28th. This represents a $1.04 dividend on an annualized basis and a yield of 1.9%. Fastenal’s dividend payout ratio is currently 83.87%.

Hedge Funds Weigh In On Fastenal

Several institutional investors have recently bought and sold shares of FAST. Private Wealth Asset Management LLC boosted its stake in shares of Fastenal by 34.1% during the 3rd quarter. Private Wealth Asset Management LLC now owns 10,817 shares of the company’s stock worth $573,000 after acquiring an additional 2,753 shares in the last quarter. Westpac Banking Corp raised its stake in shares of Fastenal by 10.4% in the 3rd quarter. Westpac Banking Corp now owns 10,440 shares of the company’s stock valued at $517,000 after acquiring an additional 981 shares in the last quarter. Private Advisor Group LLC lifted its holdings in Fastenal by 190.8% in the 3rd quarter. Private Advisor Group LLC now owns 177,505 shares of the company’s stock worth $8,792,000 after purchasing an additional 116,465 shares during the last quarter. Ieq Capital LLC acquired a new stake in Fastenal in the 3rd quarter worth approximately $1,794,000. Finally, 360 Financial Inc. lifted its holdings in Fastenal by 1.1% in the 3rd quarter. 360 Financial Inc. now owns 33,307 shares of the company’s stock worth $1,650,000 after purchasing an additional 355 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Company Profile

Fastenal Company is a distributor of industrial and construction supplies, serving businesses that need products to maintain facilities, support production and complete building projects. Its offerings include fasteners such as screws, nuts and bolts, as well as safety supplies, tools and other maintenance, repair and operations products. In addition to product distribution, Fastenal provides services designed to help customers manage supplies and purchasing. These include inventory management, on-site support and industrial vending solutions that make frequently used items available at customer facilities.