Fastenal’s (FAST) Underperform Rating Reaffirmed at Wolfe Research

Fastenal (NASDAQ:FAST)‘s stock had its “underperform” rating reaffirmed by stock analysts at Wolfe Research in a research report issued on Tuesday, Benzinga reports. They presently have a $51.00 price objective on the stock. Wolfe Research’s price target would suggest a potential upside of 3.16% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Barclays dropped their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. William Blair reiterated an “outperform” rating on shares of Fastenal in a research report on Friday, September 4th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Morgan Stanley lifted their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus target price of $49.50.

Fastenal Stock Performance

Shares of FAST opened at $49.44 on Tuesday. The firm has a fifty day moving average of $48.85 and a 200-day moving average of $46.74. The company has a market cap of $56.73 billion, a price-to-earnings ratio of 41.90, a price-to-earnings-growth ratio of 3.08 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal has a 1 year low of $38.97 and a 1 year high of $52.92.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 EPS. As a group, equities analysts anticipate that Fastenal will post 1.26 earnings per share for the current year.

Insider Transactions at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rita Heise sold 34,964 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fastenal

Institutional investors have recently added to or reduced their stakes in the company. High Net Worth Advisory Group LLC lifted its holdings in shares of Fastenal by 2.4% in the second quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company’s stock valued at $433,000 after buying an additional 214 shares during the period. Tandem Investment Advisors Inc. grew its position in Fastenal by 1.8% in the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock worth $573,000 after buying an additional 224 shares during the last quarter. Sittner & Nelson LLC lifted its holdings in shares of Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares during the last quarter. Sound Income Strategies LLC increased its stake in Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after purchasing an additional 232 shares in the last quarter. Finally, Pure Financial Advisors LLC lifted its stake in Fastenal by 3.4% during the second quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company’s stock valued at $344,000 after buying an additional 235 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Company Profile

Fastenal Company (NASDAQ: FAST) is a distributor of industrial and construction supplies. The company provides fasteners such as bolts, nuts, screws and related hardware, along with safety products, tools, material-handling equipment, welding supplies, janitorial products and other maintenance, repair and operations (MRO) materials.

Fastenal serves manufacturers, construction companies, contractors, government organizations and other commercial customers. Its offerings are delivered through a network of branch locations, customer-specific onsite operations, industrial vending machines, e-commerce platforms and other supply-chain services designed to help customers manage inventory and reduce procurement time.

Founded in 1967 by Bob Kierlin in Winona, Minnesota, Fastenal has expanded from a regional fastener supplier into an international industrial distributor.