Fastenal (NASDAQ:FAST) Price Target Raised to $46.00

Fastenal (NASDAQ:FAST) had its price objective boosted by Wolfe Research from $43.00 to $46.00 in a research note released on Tuesday,MarketScreener reports. Wolfe Research currently has an underperform rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Morgan Stanley reaffirmed a “positive” rating and issued a $45.00 target price on shares of Fastenal in a research report on Thursday, March 5th. Barclays lifted their price target on Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, March 6th. UBS Group reissued a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $49.08.

Fastenal Price Performance

FAST stock opened at $46.30 on Tuesday. Fastenal has a one year low of $35.31 and a one year high of $50.63. The firm has a 50-day moving average of $45.66 and a two-hundred day moving average of $43.82. The firm has a market capitalization of $53.17 billion, a PE ratio of 42.09, a P/E/G ratio of 2.96 and a beta of 0.84. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

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

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th were paid a dividend of $0.24 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is 87.27%.

Insider Activity at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction that occurred on Friday, January 23rd. The shares were 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 in the company, valued at $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of large investors have recently bought and sold shares of FAST. Integrated Wealth Concepts LLC lifted its position in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the last quarter. Sittner & Nelson LLC increased its holdings in shares of Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after acquiring an additional 226 shares during the last quarter. Founders Capital Management LLC increased its holdings in shares of Fastenal by 2.2% during the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after acquiring an additional 228 shares during the last quarter. Sowell Financial Services LLC raised its stake in shares of Fastenal by 4.7% in the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock valued at $260,000 after acquiring an additional 238 shares in the last quarter. Finally, L2 Asset Management LLC lifted its holdings in Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after purchasing an additional 248 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

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.