Robert W. Baird Forecasts Strong Price Appreciation for Fastenal (NASDAQ:FAST) Stock

Fastenal (NASDAQ:FAST) had its price objective hoisted by Robert W. Baird from $49.00 to $51.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective indicates a potential upside of 7.75% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the company. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. UBS Group reissued a “neutral” rating and set a $46.00 price target on shares of Fastenal in a report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Finally, Wolfe Research cut their price objective on Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research report on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.18.

Fastenal Stock Performance

Shares of FAST opened at $47.33 on Thursday. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. Fastenal has a 52-week low of $35.31 and a 52-week high of $50.63. The stock has a 50 day moving average price of $42.39 and a 200 day moving average price of $44.47. The company has a market capitalization of $54.34 billion, a price-to-earnings ratio of 43.03, a price-to-earnings-growth ratio of 3.07 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Fastenal’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts predict that Fastenal will post 2.15 EPS for the current fiscal year.

Insider Buying and Selling at Fastenal

In related news, Director Hsenghung Sam Hsu acquired 1,000 shares of Fastenal stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at $495,800. This trade represents a 11.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sarah N. Nielsen purchased 1,000 shares of Fastenal stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average cost of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at $198,000. This represents a 25.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fastenal

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Fastenal by 103.5% during the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock worth $6,265,119,000 after purchasing an additional 75,852,223 shares during the period. State Street Corp boosted its holdings in shares of Fastenal by 99.6% in the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after buying an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 103.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock valued at $1,931,830,000 after acquiring an additional 23,380,022 shares in the last quarter. Geode Capital Management LLC grew its position in Fastenal by 103.8% during the 2nd quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after purchasing an additional 18,329,847 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after purchasing an additional 16,308,254 shares in the last quarter. 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.