Fastenal (NASDAQ:FAST) Given New $46.00 Price Target at Barclays

Fastenal (NASDAQ:FAST) had its price objective cut by research analysts at Barclays from $47.00 to $46.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 1.41% from the stock’s previous close.

Several other analysts have also weighed in on FAST. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Bank of America upped their price target on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Finally, Robert W. Baird lowered their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $48.50.

Fastenal Trading Down 0.8%

Shares of Fastenal stock opened at $45.36 on Thursday. The company’s fifty day moving average price is $45.64 and its two-hundred day moving average price is $45.14. The firm has a market capitalization of $52.08 billion, a PE ratio of 38.44, a price-to-earnings-growth ratio of 2.90 and a beta of 0.72. Fastenal has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.34.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 earnings per share. On average, analysts expect that Fastenal will post 1.24 EPS for the current year.

Institutional Trading of Fastenal

Hedge funds have recently made changes to their positions in the business. Elyxium Wealth LLC acquired a new stake in Fastenal during the 4th quarter valued at $25,000. Palladiem LLC acquired a new stake in shares of Fastenal during the 4th quarter worth about $25,000. Evergreen Advisors LLC bought a new stake in shares of Fastenal during the 1st quarter worth about $26,000. MV Capital Management Inc. bought a new position in Fastenal in the 4th quarter valued at about $29,000. Finally, Field & Main Bank bought a new stake in shares of Fastenal during the fourth quarter worth approximately $30,000. 81.38% of the stock is owned by institutional investors and hedge funds.

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.