Fastenal Company (NASDAQ:FAST) Given Average Recommendation of “Hold” by Brokerages

Shares of Fastenal Company (NASDAQ:FAST) have received an average rating of “Hold” from the thirteen research firms that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $49.1667.

FAST has been the topic of several research reports. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Barclays lowered their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Robert W. Baird set a $54.00 target price on Fastenal in a research report on Friday, August 7th. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Finally, Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th.

Fastenal Trading Up 0.4%

NASDAQ FAST opened at $51.23 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The company has a market capitalization of $58.79 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. The company’s 50-day simple moving average is $47.58 and its two-hundred day simple moving average is $46.17. Fastenal has a one year low of $38.97 and a one year high of $52.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the previous year, the business posted $0.29 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. Equities analysts forecast that Fastenal will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal’s payout ratio is presently 88.14%.

Insider Transactions at Fastenal

In other news, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Fastenal

Several institutional investors have recently bought and sold shares of the company. Wiregrass Investment Management LLC purchased a new stake in Fastenal during the 4th quarter worth approximately $1,020,000. LBP AM SA grew its holdings in shares of Fastenal by 11.8% during the fourth quarter. LBP AM SA now owns 232,847 shares of the company’s stock valued at $9,344,000 after buying an additional 24,536 shares during the last quarter. Swiss Life Asset Management Ltd increased its position in shares of Fastenal by 2.7% in the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after acquiring an additional 39,406 shares during the period. Fideuram Asset Management Ireland dac purchased a new position in Fastenal in the 4th quarter worth $4,041,000. Finally, National Pension Service lifted its position in Fastenal by 2.9% during the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock worth $64,362,000 after acquiring an additional 45,260 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

About Fastenal

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.