Fastenal (NASDAQ:FAST) Price Target Raised to $44.00 at Barclays

Fastenal (NASDAQ:FAST) had its price target boosted by Barclays from $43.00 to $44.00 in a research report issued to clients and investors on Friday,MarketScreener reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential downside of 6.00% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Wolfe Research increased their target price on shares of Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Friday, February 27th. Benchmark reissued a “buy” rating on shares of Fastenal in a research report on Thursday. Robert W. Baird raised their price objective on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday. Finally, UBS Group reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $48.83.

Fastenal Stock Performance

NASDAQ:FAST opened at $46.81 on Friday. Fastenal has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The firm has a market capitalization of $53.75 billion, a PE ratio of 42.55, a price-to-earnings-growth ratio of 2.96 and a beta of 0.88. The business’s fifty day moving average price is $44.26 and its 200 day moving average price is $44.33.

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

Insiders Place Their Bets

In related news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the transaction, the director directly owned 50,000 shares in the company, valued at $2,209,500. This trade represents a 24.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.28% of the stock is currently owned by company insiders.

Institutional Trading of Fastenal

Several hedge funds and other institutional investors have recently made changes to their positions in FAST. Vanguard Group Inc. lifted its stake in Fastenal by 103.5% in the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after buying an additional 75,852,223 shares in the last quarter. State Street Corp increased its position in Fastenal by 99.6% during 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 in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 103.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after acquiring an additional 23,380,022 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Fastenal by 103.8% in the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock valued at $1,506,141,000 after acquiring an additional 18,329,847 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Fastenal during the fourth quarter valued at $646,046,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

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.