Fastenal Company (NASDAQ:FAST) Receives Average Rating of “Hold” from Brokerages

Fastenal Company (NASDAQ:FAST) has been given a consensus recommendation of “Hold” by the thirteen analysts that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $48.00.

A number of equities research analysts recently weighed in on the company. Barclays set a $43.00 price target on Fastenal and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Robert W. Baird decreased their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Finally, Wolfe Research dropped their target price on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a report on Wednesday, January 21st.

Fastenal Stock Performance

NASDAQ:FAST opened at $43.32 on Friday. The firm’s fifty day simple moving average is $41.79 and its 200-day simple moving average is $44.45. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The stock has a market cap of $49.73 billion, a PE ratio of 39.38, a price-to-earnings-growth ratio of 2.78 and a beta of 0.90. Fastenal has a fifty-two week low of $35.31 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. Analysts expect that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s payout ratio is presently 80.00%.

Insider Buying and Selling at Fastenal

In related news, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was bought at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This represents a 11.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sarah N. Nielsen acquired 1,000 shares of Fastenal stock in a transaction dated Wednesday, November 19th. The stock was bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. This represents a 25.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastenal

Institutional investors have recently modified their holdings of the company. Patton Fund Management Inc. bought a new position in shares of Fastenal in the second quarter valued at $229,000. Values First Advisors Inc. grew its holdings in shares of Fastenal by 183.0% in the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after acquiring an additional 6,064 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Fastenal by 6.3% during the third quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock worth $181,626,000 after purchasing an additional 219,154 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Fastenal by 103.5% during the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after purchasing an additional 75,852,223 shares during the last quarter. Finally, Optas LLC boosted its position in shares of Fastenal by 100.2% in the 2nd quarter. Optas LLC now owns 13,712 shares of the company’s stock valued at $576,000 after purchasing an additional 6,863 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.