BMO Capital Markets reissued their hold rating on shares of Fastenal Company (NASDAQ:FAST) in a research report sent to investors on Monday, August 21st. The firm currently has a $46.00 target price on the stock.
FAST has been the subject of a number of other research reports. Morgan Stanley reissued an equal weight rating and issued a $46.00 target price (down previously from $50.00) on shares of Fastenal in a research report on Monday, June 12th. Longbow Research raised shares of Fastenal from a neutral rating to a buy rating and set a $55.00 target price for the company in a research report on Friday, June 2nd. Credit Suisse Group reissued a buy rating and issued a $52.00 target price on shares of Fastenal in a research report on Thursday, July 13th. Zacks Investment Research cut shares of Fastenal from a buy rating to a hold rating in a research report on Monday, July 31st. Finally, BidaskClub cut shares of Fastenal from a hold rating to a sell rating in a research report on Friday, June 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Fastenal currently has an average rating of Buy and a consensus target price of $50.33.
Fastenal (NASDAQ FAST) opened at 42.37 on Monday. The company’s 50-day moving average is $42.47 and its 200 day moving average is $45.45. Fastenal has a 1-year low of $37.70 and a 1-year high of $52.74. The firm has a market capitalization of $12.20 billion, a PE ratio of 23.32 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the business posted $0.46 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts expect that Fastenal will post $1.93 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Wednesday, July 26th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Monday, July 24th. Fastenal’s payout ratio is 70.33%.
Fastenal declared that its Board of Directors has approved a stock buyback program on Tuesday, July 11th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, insider William Joseph Drazkowski bought 1,000 shares of Fastenal stock in a transaction that occurred on Friday, July 21st. The shares were acquired at an average cost of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the acquisition, the insider now directly owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen L. Eastman bought 800 shares of Fastenal stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average price of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,400 shares of company stock valued at $142,960. Insiders own 0.55% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Nuance Investments LLC bought a new stake in Fastenal in the second quarter valued at approximately $3,048,000. Girard Partners LTD. boosted its holdings in Fastenal by 14.5% in the second quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock valued at $508,000 after acquiring an additional 1,477 shares during the last quarter. CENTRAL TRUST Co boosted its holdings in Fastenal by 13.4% in the second quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after acquiring an additional 433 shares during the last quarter. Fayerweather Charles bought a new stake in Fastenal in the second quarter valued at approximately $209,000. Finally, Advisory Services Network LLC bought a new stake in Fastenal in the first quarter valued at approximately $191,000. Institutional investors and hedge funds own 82.98% of the company’s stock.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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