Fastenal Co. (FAST) Shares Gap Up to $42.06
Fastenal Co. (NASDAQ:FAST) gapped up before the market opened on Thursday . The stock had previously closed at $41.63, but opened at $42.06. Fastenal shares last traded at $42.96, with a volume of 1,993,575 shares changing hands.
A number of equities research analysts have weighed in on FAST shares. Vetr lowered Fastenal from a “strong-buy” rating to a “buy” rating and set a $49.34 target price for the company. in a research report on Monday, May 9th. Credit Suisse Group AG lifted their target price on Fastenal from $37.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, April 14th. Barclays PLC lifted their target price on Fastenal from $29.00 to $38.00 and gave the company an “underweight” rating in a research report on Friday, April 8th. Morgan Stanley assumed coverage on Fastenal in a research report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 target price for the company. Finally, Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a research report on Monday, April 11th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. Fastenal currently has a consensus rating of “Hold” and an average price target of $47.77.
The stock has a market cap of $12.39 billion and a price-to-earnings ratio of 24.50. The firm’s 50 day moving average is $43.42 and its 200-day moving average is $44.73.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 12th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.48 by $0.03. The firm earned $1.01 billion during the quarter. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share. Analysts forecast that Fastenal Co. will post $1.74 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Stockholders of record on Tuesday, July 26th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, July 22nd. This represents a $1.20 annualized dividend and a dividend yield of 2.80%.
A number of hedge funds and institutional investors recently added to or reduced their stakes in FAST. Genesee Valley Trust Co. raised its position in Fastenal by 3.4% in the fourth quarter. Genesee Valley Trust Co. now owns 27,064 shares of the company’s stock worth $1,105,000 after buying an additional 884 shares during the period. Advantus Capital Management Inc raised its position in Fastenal by 2.3% in the fourth quarter. Advantus Capital Management Inc now owns 27,882 shares of the company’s stock worth $1,138,000 after buying an additional 629 shares during the period. Sei Investments Co. raised its position in Fastenal by 9.5% in the fourth quarter. Sei Investments Co. now owns 32,089 shares of the company’s stock worth $1,310,000 after buying an additional 2,795 shares during the period. Mutual of America Capital Management LLC raised its position in Fastenal by 1.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 32,775 shares of the company’s stock worth $1,338,000 after buying an additional 348 shares during the period. Finally, Stephens Inc. AR raised its position in Fastenal by 0.6% in the fourth quarter. Stephens Inc. AR now owns 37,083 shares of the company’s stock worth $1,514,000 after buying an additional 225 shares during the period.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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