HSBC Boosts Fastenal (NASDAQ:FAST) Price Target to $64.00

Fastenal (NASDAQ:FAST) had its price objective upped by HSBC from $59.00 to $64.00 in a research report released on Monday morning, Benzinga reports. HSBC currently has a hold rating on the stock.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus lifted their price objective on shares of Fastenal from $75.00 to $85.00 and gave the company a buy rating in a report on Monday, March 18th. Robert W. Baird reduced their price target on Fastenal from $77.00 to $71.00 and set a neutral rating for the company in a report on Friday, April 12th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Fastenal currently has an average rating of Hold and an average price target of $67.67.

Fastenal Stock Down 0.5 %

Shares of FAST opened at $68.48 on Monday. The stock’s 50-day moving average price is $73.70 and its 200-day moving average price is $66.20. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $39.19 billion, a price-to-earnings ratio of 33.90, a PEG ratio of 3.62 and a beta of 1.05. Fastenal has a 52 week low of $52.28 and a 52 week high of $79.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 EPS. On average, sell-side analysts predict that Fastenal will post 2.13 EPS for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.28%. The ex-dividend date is Wednesday, April 24th. Fastenal’s payout ratio is 77.23%.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 34,042 shares of Fastenal stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $68.48, for a total value of $2,331,196.16. Following the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $1,369,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fastenal news, VP Charles S. Miller sold 11,076 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $75.16, for a total value of $832,472.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reyne K. Wisecup sold 34,042 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $68.48, for a total value of $2,331,196.16. Following the transaction, the director now owns 20,000 shares in the company, valued at $1,369,600. The disclosure for this sale can be found here. Insiders sold 105,682 shares of company stock valued at $7,375,853 over the last quarter. 0.41% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastenal

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP increased its stake in shares of Fastenal by 62.3% in the 4th quarter. Quarry LP now owns 409 shares of the company’s stock worth $26,000 after acquiring an additional 157 shares during the last quarter. Hartford Financial Management Inc. increased its position in Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after purchasing an additional 153 shares during the last quarter. MCF Advisors LLC raised its stake in Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares during the period. Resurgent Financial Advisors LLC acquired a new position in Fastenal in the 4th quarter valued at about $33,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Fastenal in the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.