Brokerages Set Fastenal Company (NASDAQ:FAST) Price Target at $49.77

Fastenal Company (NASDAQ:FAST) has been assigned a consensus recommendation of “Hold” from the thirteen brokerages that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $49.8462.

A number of equities analysts have weighed in on the stock. Morgan Stanley reissued a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Wolfe Research decreased their price objective on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. Bank of America upped their price objective on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Finally, Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research report on Thursday, March 5th.

Hedge Funds Weigh In On Fastenal

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its position in Fastenal by 10.3% in the 1st quarter. Parallel Advisors LLC now owns 30,909 shares of the company’s stock valued at $1,434,000 after buying an additional 2,884 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Fastenal by 1.6% during the first quarter. NewEdge Advisors LLC now owns 151,459 shares of the company’s stock worth $7,028,000 after purchasing an additional 2,409 shares during the last quarter. Cozad Asset Management Inc. bought a new position in shares of Fastenal during the first quarter worth about $219,000. Wellington Grp LLC lifted its position in shares of Fastenal by 14.7% during the first quarter. Wellington Grp LLC now owns 13,382 shares of the company’s stock worth $621,000 after purchasing an additional 1,713 shares during the last quarter. Finally, Groupe la Francaise lifted its position in shares of Fastenal by 9.9% during the first quarter. Groupe la Francaise now owns 152,612 shares of the company’s stock worth $7,081,000 after purchasing an additional 13,789 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Up 3.9%

Shares of Fastenal stock opened at $46.46 on Friday. The company has a fifty day moving average price of $45.01 and a 200 day moving average price of $43.94. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. Fastenal has a twelve month low of $38.97 and a twelve month high of $50.63. The stock has a market cap of $53.34 billion, a price-to-earnings ratio of 40.75, a price-to-earnings-growth ratio of 2.85 and a beta of 0.73.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 EPS. Equities research analysts forecast that Fastenal will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio is presently 84.21%.

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.