Fastenal Co. (FAST) Shares Gap Up to $42.47
Fastenal Co. (NASDAQ:FAST)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $42.40, but opened at $42.47. Fastenal shares last traded at $43.51, with a volume of 1,214,401 shares trading hands.
FAST has been the subject of several recent research reports. Vetr downgraded shares of Fastenal from a “strong-buy” rating to a “buy” rating and set a $49.34 target price for the company. in a report on Monday, May 9th. Morgan Stanley initiated coverage on shares of Fastenal in a report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 target price for the company. Credit Suisse Group AG restated a “neutral” rating and set a $43.00 target price on shares of Fastenal in a report on Friday, June 17th. Wells Fargo & Co. restated a “hold” rating on shares of Fastenal in a report on Wednesday, June 8th. Finally, Zacks Investment Research downgraded shares of Fastenal from a “hold” rating to a “strong sell” rating in a report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $47.77.
The company has a market cap of $12.55 billion and a price-to-earnings ratio of 24.82. The stock has a 50 day moving average of $43.13 and a 200-day moving average of $44.94.
Fastenal (NASDAQ:FAST) last issued 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. During the same period in the previous year, the firm earned $0.48 EPS. The business had revenue of $1.01 billion for the quarter. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities analysts anticipate that Fastenal Co. will post $1.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Tuesday, July 26th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, July 22nd.
A number of large investors have modified their holdings of FAST. Ashmore Wealth Management LLC boosted its stake in shares of Fastenal by 6.7% in the fourth quarter. Ashmore Wealth Management LLC now owns 5,550,000 shares of the company’s stock valued at $226,551,000 after buying an additional 350,000 shares during the period. American International Group Inc. boosted its stake in shares of Fastenal by 9.4% in the fourth quarter. American International Group Inc. now owns 444,247 shares of the company’s stock valued at $18,133,000 after buying an additional 37,997 shares during the period. Nicholas Co. Inc. WI boosted its stake in shares of Fastenal by 22.3% in the fourth quarter. Nicholas Co. Inc. WI now owns 309,565 shares of the company’s stock valued at $12,636,000 after buying an additional 56,540 shares during the period. Dorsey & Whitney Trust CO LLC boosted its stake in shares of Fastenal by 2.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 106,456 shares of the company’s stock valued at $4,345,000 after buying an additional 2,801 shares during the period. Finally, Schroder Investment Management Group boosted its stake in shares of Fastenal by 18.7% in the fourth quarter. Schroder Investment Management Group now owns 104,802 shares of the company’s stock valued at $4,278,000 after buying an additional 16,500 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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