Fastenal Co. (FAST) Given a $45.00 Price Target at BMO Capital Markets
FAST has been the topic of a number of other reports. Zacks Investment Research upgraded Fastenal from a sell rating to a hold rating in a research note on Tuesday, September 13th. Morgan Stanley assumed coverage on Fastenal in a research note on Thursday, July 7th. They issued an equal weight rating and a $46.00 price objective on the stock. Macquarie assumed coverage on Fastenal in a research note on Thursday, August 25th. They issued a neutral rating and a $50.00 price objective on the stock. Wells Fargo & Co. restated a hold rating on shares of Fastenal in a research note on Sunday, September 4th. Finally, Credit Suisse Group AG restated a neutral rating and issued a $43.00 price objective on shares of Fastenal in a research note on Friday, June 17th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $47.30.
Shares of Fastenal (NASDAQ:FAST) traded down 1.74% on Wednesday, reaching $38.38. 3,734,125 shares of the company were exchanged. Fastenal has a 12-month low of $35.10 and a 12-month high of $49.99. The firm has a market capitalization of $11.09 billion, a PE ratio of 21.93 and a beta of 0.99. The stock’s 50-day moving average is $41.60 and its 200 day moving average is $44.10.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. Fastenal had a net margin of 12.61% and a return on equity of 26.84%. The firm earned $1.01 billion during the quarter. During the same quarter in the prior year, the company earned $0.47 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts forecast that Fastenal will post $1.74 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, October 21st. This represents a $1.20 dividend on an annualized basis and a yield of 3.07%. Fastenal’s dividend payout ratio (DPR) is 69.77%.
A number of institutional investors have recently bought and sold shares of FAST. Nicholas Investment Partners LP purchased a new position in Fastenal during the first quarter worth about $2,870,000. Cleararc Capital Inc. boosted its stake in Fastenal by 2.1% in the first quarter. Cleararc Capital Inc. now owns 7,241 shares of the company’s stock worth $355,000 after buying an additional 152 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in Fastenal by 12.1% in the first quarter. Riverhead Capital Management LLC now owns 213,330 shares of the company’s stock worth $10,454,000 after buying an additional 23,105 shares in the last quarter. AXA boosted its stake in Fastenal by 12.0% in the first quarter. AXA now owns 109,100 shares of the company’s stock worth $5,346,000 after buying an additional 11,700 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its stake in Fastenal by 2.1% in the first quarter. Pictet Asset Management Ltd. now owns 149,030 shares of the company’s stock worth $6,750,000 after buying an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.
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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