Fastenal Co. (FAST) Sees Strong Trading Volume
Fastenal Co. (NASDAQ:FAST) saw an uptick in trading volume on Tuesday . 2,574,752 shares were traded during trading, a decline of 20% from the previous session’s volume of 3,206,016 shares.The stock last traded at $42.51 and had previously closed at $42.98.
Several brokerages recently issued reports on FAST. Robert W. Baird reissued a “hold” rating on shares of Fastenal in a research note on Sunday, May 8th. Avondale Partners upped their price objective on shares of Fastenal from $49.00 to $51.00 and gave the company a “market perform” rating in a research note on Thursday, April 7th. BMO Capital Markets reissued a “market perform” rating and set a $47.00 price objective on shares of Fastenal in a research note on Wednesday, July 13th. Deutsche Bank AG downgraded shares of Fastenal from a “buy” rating to a “hold” rating and reduced their price objective for the company from $55.00 to $48.68 in a research note on Friday, April 1st. Finally, Zacks Investment Research lowered shares of Fastenal from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.77.
The company has a market cap of $12.26 billion and a PE ratio of 24.25. The company’s 50-day moving average price is $44.56 and its 200-day moving average price is $44.56.
Fastenal (NASDAQ:FAST) last posted 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 company had revenue of $1.01 billion for the quarter. During the same quarter in the previous year, the company earned $0.48 earnings per share. The business’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts predict that Fastenal Co. will post $1.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, July 26th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, July 22nd.
Several hedge funds recently bought and sold shares of FAST. Genesee Valley Trust Co. boosted its stake in Fastenal by 3.4% in the fourth quarter. Genesee Valley Trust Co. now owns 27,064 shares of the company’s stock valued at $1,105,000 after buying an additional 884 shares in the last quarter. Advantus Capital Management Inc boosted its stake in Fastenal by 2.3% in the fourth quarter. Advantus Capital Management Inc now owns 27,882 shares of the company’s stock valued at $1,138,000 after buying an additional 629 shares in the last quarter. Sei Investments Co. boosted its stake in Fastenal by 9.5% in the fourth quarter. Sei Investments Co. now owns 32,089 shares of the company’s stock valued at $1,310,000 after buying an additional 2,795 shares in the last quarter. Quantitative Investment Management LLC bought a new stake in Fastenal during the fourth quarter valued at approximately $1,310,000. Finally, Mutual of America Capital Management LLC boosted its stake 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 valued at $1,338,000 after buying an additional 348 shares in the last quarter.
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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