Fastenal (NASDAQ:FAST) Given New $44.00 Price Target at Barclays

Fastenal (NASDAQ:FAST) had its target price raised by stock analysts at Barclays from $43.00 to $44.00 in a note issued to investors on Friday,MarketScreener reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential downside of 6.00% from the stock’s previous close.

A number of other research firms have also recently weighed in on FAST. Wolfe Research lifted their price objective on shares of Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a report on Friday, February 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Morgan Stanley reiterated a “positive” rating and issued a $45.00 target price on shares of Fastenal in a research report on Thursday. Robert W. Baird raised their price target on shares of Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research note on Thursday. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $48.83.

Fastenal Stock Down 1.0%

Shares of Fastenal stock opened at $46.81 on Friday. 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 company has a market cap of $53.75 billion, a P/E ratio of 42.55, a PEG ratio of 2.96 and a beta of 0.88. The firm’s 50 day moving average price is $44.26 and its 200-day moving average price is $44.33. Fastenal has a 52-week low of $35.31 and a 52-week high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the firm earned $0.46 earnings per share. Fastenal’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts predict that Fastenal will post 2.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Several institutional investors have recently modified their holdings of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Fastenal in the fourth quarter valued at $64,000. Bayban purchased a new stake in Fastenal during the 4th quarter worth about $426,000. WMS Group LLC acquired a new stake in Fastenal in the 4th quarter valued at about $272,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Fastenal by 25.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,441 shares of the company’s stock valued at $98,000 after buying an additional 490 shares during the period. Finally, Reflection Asset Management acquired a new position in shares of Fastenal during the fourth quarter worth about $45,000. 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.