Fastenal (NASDAQ:FAST) Rating Lowered to Strong Sell at BidaskClub
A number of other research firms have also recently issued reports on FAST. Buckingham Research lowered their price objective on shares of Fastenal from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Raymond James set a $19.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, July 12th. Northcoast Research cut shares of Fastenal from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. ValuEngine lowered shares of Verso from a “hold” rating to a “sell” rating in a report on Thursday, May 23rd. Finally, William Blair reissued a “market perform” rating on shares of Luminex in a report on Tuesday, May 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $31.31.
FAST stock traded up $0.07 during trading on Friday, reaching $30.37. 2,750,250 shares of the company were exchanged, compared to its average volume of 4,739,301. The business’s 50-day moving average is $31.79. The company has a market capitalization of $17.42 billion, a P/E ratio of 23.01, a price-to-earnings-growth ratio of 1.38 and a beta of 1.25. Fastenal has a twelve month low of $24.00 and a twelve month high of $35.94. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.68 and a quick ratio of 2.13.
In other news, insider Nicholas J. Lundquist sold 37,500 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $70.48, for a total value of $2,643,000.00. Following the sale, the insider now directly owns 253,500 shares of the company’s stock, valued at approximately $17,866,680. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Michael J. Ancius acquired 1,104 shares of Fastenal stock in a transaction dated Thursday, July 18th. The stock was purchased at an average cost of $30.13 per share, for a total transaction of $33,263.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 143,541 shares of company stock worth $10,082,603. Insiders own 0.56% of the company’s stock.
Several large investors have recently bought and sold shares of FAST. Investors Research Corp bought a new position in Fastenal during the first quarter worth $26,000. Strategy Asset Managers LLC bought a new position in Fastenal during the first quarter worth $32,000. Trustcore Financial Services LLC bought a new position in Fastenal during the first quarter worth $43,000. Lenox Wealth Management Inc. boosted its stake in Fastenal by 100.0% during the second quarter. Lenox Wealth Management Inc. now owns 1,522 shares of the company’s stock worth $49,000 after acquiring an additional 761 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its stake in Fastenal by 483.9% during the second quarter. AdvisorNet Financial Inc now owns 1,524 shares of the company’s stock worth $50,000 after acquiring an additional 1,263 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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