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

Fastenal Company (NASDAQ:FAST) has earned a consensus recommendation of “Hold” from the thirteen brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $49.8462.

FAST has been the subject of a number of recent research reports. Benchmark reiterated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Barclays set a $46.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. JPMorgan Chase & Co. raised their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, Bank of America upped their price objective on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $46.79 on Friday. Fastenal has a 52 week low of $38.97 and a 52 week high of $50.63. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The firm has a market cap of $53.72 billion, a P/E ratio of 41.04, a P/E/G ratio of 3.00 and a beta of 0.73. The business’s 50 day moving average price is $45.08 and its 200 day moving average price is $44.00.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. On average, sell-side analysts expect that Fastenal will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio is currently 84.21%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised 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 valued at $487,000 after buying an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. grew its stake in shares of Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after buying an additional 224 shares during the period. Sittner & Nelson LLC grew its stake in shares of Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after buying an additional 226 shares during the period. Founders Capital Management LLC grew its stake in shares of Fastenal by 2.2% in the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after buying an additional 228 shares during the period. Finally, Sound Income Strategies LLC increased its stake in Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after acquiring an additional 232 shares during the last quarter. Institutional investors and hedge funds 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.