BidaskClub Downgrades Fastenal (NASDAQ:FAST) to Hold

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Fastenal (NASDAQ:FAST) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Wednesday, BidAskClub reports.

Several other research firms have also recently issued reports on FAST. Buckingham Research boosted their target price on Fastenal from $30.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Cleveland Research restated a “hold” rating on shares of Fastenal in a report on Tuesday, September 24th. Raymond James cut Fastenal from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 14th. Wolfe Research cut Fastenal from a “market perform” rating to an “underperform” rating in a report on Monday, October 14th. Finally, Robert W. Baird upped their price target on Fastenal from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $34.55.

NASDAQ FAST traded down $0.53 on Wednesday, hitting $36.37. 22,207 shares of the company’s stock were exchanged, compared to its average volume of 4,724,708. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.51 and a quick ratio of 2.06. The firm’s 50-day moving average price is $34.85 and its two-hundred day moving average price is $37.19. Fastenal has a fifty-two week low of $24.60 and a fifty-two week high of $37.91. The firm has a market cap of $21.26 billion, a price-to-earnings ratio of 27.64, a P/E/G ratio of 1.67 and a beta of 1.26.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Fastenal had a return on equity of 32.03% and a net margin of 14.77%. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, research analysts predict that Fastenal will post 1.38 earnings per share for the current fiscal year.

In other Fastenal news, Director Willard D. Oberton sold 100,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $37.00, for a total transaction of $3,700,000.00. Following the sale, the director now owns 114,194 shares in the company, valued at approximately $4,225,178. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Sheryl Ann Lisowski sold 5,615 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.50, for a total value of $188,102.50. Following the sale, the chief accounting officer now owns 10,382 shares in the company, valued at approximately $347,797. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,609 shares of company stock worth $7,010,375. 0.62% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the business. Farmers & Merchants Investments Inc. raised its position in shares of Fastenal by 94.0% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 774 shares of the company’s stock worth $25,000 after buying an additional 375 shares during the period. Advisors Preferred LLC purchased a new position in shares of Fastenal in the 2nd quarter worth $26,000. Wealthcare Advisory Partners LLC raised its position in shares of Fastenal by 101.2% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 843 shares of the company’s stock worth $27,000 after buying an additional 424 shares during the period. Clarus Wealth Advisors raised its position in shares of Fastenal by 101.2% in the 2nd quarter. Clarus Wealth Advisors now owns 845 shares of the company’s stock worth $28,000 after buying an additional 425 shares during the period. Finally, FTB Advisors Inc. purchased a new position in shares of Fastenal in the 2nd quarter worth $29,000. 84.28% of the stock is currently owned by institutional investors.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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