Fastenal (NASDAQ:FAST) Price Target Raised to $47.00

Fastenal (NASDAQ:FAST) had its target price increased by stock analysts at Barclays from $46.00 to $47.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential downside of 3.29% from the company’s current price.

A number of other brokerages have also weighed in on FAST. Robert W. Baird decreased their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Wolfe Research reduced their price target on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Tuesday, April 14th. JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Bank of America increased their price objective on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Finally, DA Davidson started coverage on shares of Fastenal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 target price on the stock. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $47.15.

Fastenal Stock Performance

Shares of FAST stock opened at $48.60 on Monday. 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 company’s fifty day moving average price is $45.34 and its 200-day moving average price is $44.88. The stock has a market cap of $55.79 billion, a PE ratio of 42.63, a price-to-earnings-growth ratio of 3.10 and a beta of 0.72.

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

Hedge Funds Weigh In On Fastenal

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elyxium Wealth LLC purchased a new position in shares of Fastenal in the fourth quarter worth $25,000. Palladiem LLC purchased a new stake in shares of Fastenal in the fourth quarter worth about $25,000. Evergreen Advisors LLC purchased a new position in Fastenal during the first quarter valued at approximately $26,000. MV Capital Management Inc. acquired a new position in Fastenal in the fourth quarter valued at approximately $29,000. Finally, Field & Main Bank purchased a new stake in Fastenal in the 4th quarter worth approximately $30,000. 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.