Analysts Set Fastenal Company (NASDAQ:FAST) PT at $49.77

Shares of Fastenal Company (NASDAQ:FAST) have earned a consensus recommendation of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $49.7692.

Several equities research analysts have recently issued reports on FAST shares. Robert W. Baird reduced their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Morgan Stanley reaffirmed a “positive” rating and issued a $45.00 target price on shares of Fastenal in a report on Thursday, March 5th. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $42.00 target price on shares of Fastenal in a report on Tuesday, April 14th. Finally, Benchmark reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, March 5th.

Fastenal Trading Down 2.0%

Shares of FAST stock opened at $43.30 on Tuesday. Fastenal has a 12-month low of $38.97 and a 12-month high of $50.63. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The stock’s 50-day moving average price is $45.57 and its 200-day moving average price is $43.63. The stock has a market capitalization of $49.71 billion, a price-to-earnings ratio of 37.98, a price-to-earnings-growth ratio of 2.81 and a beta of 0.75.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The business’s revenue was up 12.4% compared to the same quarter last year. Equities research analysts predict that Fastenal will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th will be given a $0.24 dividend. The ex-dividend date is Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

Insider Buying and Selling

In related news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its position in Fastenal by 1.9% in the first quarter. PNC Financial Services Group Inc. now owns 837,695 shares of the company’s stock worth $38,869,000 after acquiring an additional 15,387 shares in the last quarter. DJE Kapital AG grew its holdings in Fastenal by 3.9% during the 1st quarter. DJE Kapital AG now owns 355,299 shares of the company’s stock valued at $16,191,000 after purchasing an additional 13,499 shares during the last quarter. Glenview Trust Co grew its holdings in Fastenal by 4.8% during the 1st quarter. Glenview Trust Co now owns 74,916 shares of the company’s stock valued at $3,476,000 after purchasing an additional 3,422 shares during the last quarter. Long Road Investment Counsel LLC raised its position in Fastenal by 2.6% in the 1st quarter. Long Road Investment Counsel LLC now owns 247,990 shares of the company’s stock worth $11,507,000 after purchasing an additional 6,400 shares during the period. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Fastenal in the first quarter worth about $112,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

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.