Zacks Investment Research lowered shares of Fastenal (NASDAQ:FAST) from a buy rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Shares of Fastenal have gained 28.7% in the past year, comparing favorably with industry growth of 12.2%. Estimates for 2018 have moved north over the last 60 days, signaling analysts’ optimism. Fastenal’s aggressive investment to increase Onsite locations, vending machines count and ecommerce business is expected to boost sales. Industrial vending is one of the primary growth drivers for Fastenal and has the potential to significantly increase sales and profits. For 2018, the company is targeting signings in the range of 21,000 to 23,000. After a soft 2013, vending trends improved as management’s efforts to enhance the quality of signings/installs paid off. The company’s cost-saving initiative, Pathway-to-Profit, also bodes well. Meanwhile, changes in product and customer mix will continue to hurt margins in 2018.”
FAST has been the topic of several other research reports. Robert W. Baird restated a buy rating and set a $57.00 price objective on shares of Fastenal in a report on Tuesday, March 6th. Credit Suisse Group restated an outperform rating and set a $61.00 price objective (up previously from $52.00) on shares of Fastenal in a report on Tuesday, January 9th. Stifel Nicolaus restated a hold rating and set a $51.00 price objective on shares of Fastenal in a report on Monday, December 11th. Northcoast Research set a $60.00 price objective on shares of Fastenal and gave the company a buy rating in a report on Friday, March 2nd. Finally, BMO Capital Markets reiterated a hold rating and issued a $57.00 target price on shares of Fastenal in a research report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $53.67.
Fastenal (NASDAQ FAST) opened at $53.85 on Tuesday. Fastenal has a fifty-two week low of $39.79 and a fifty-two week high of $58.74. The company has a current ratio of 5.51, a quick ratio of 2.40 and a debt-to-equity ratio of 0.20. The stock has a market cap of $15,901.16, a PE ratio of 26.79, a PEG ratio of 1.57 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, January 17th. The company reported $0.45 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. Fastenal had a net margin of 13.18% and a return on equity of 27.39%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. sell-side analysts forecast that Fastenal will post 2.52 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Investors of record on Wednesday, January 31st were given a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $1.48 dividend on an annualized basis and a yield of 2.75%. This is a positive change from Fastenal’s previous quarterly dividend of $0.32. Fastenal’s dividend payout ratio is currently 73.63%.
In other Fastenal news, insider William Joseph Drazkowski sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $56.64, for a total value of $424,800.00. Following the sale, the insider now owns 9,460 shares in the company, valued at approximately $535,814.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Charles S. Miller sold 26,250 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $56.50, for a total value of $1,483,125.00. Following the completion of the sale, the insider now owns 26,250 shares in the company, valued at approximately $1,483,125. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC purchased a new stake in Fastenal in the 4th quarter worth approximately $104,000. Exane Derivatives purchased a new stake in Fastenal in the 4th quarter worth approximately $110,000. SeaCrest Wealth Management LLC purchased a new stake in Fastenal in the 4th quarter worth approximately $115,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Fastenal in the 3rd quarter worth approximately $114,000. Finally, Squar Milner Financial Services LLC purchased a new stake in Fastenal in the 4th quarter worth approximately $202,000. Institutional investors and hedge funds own 84.92% of the company’s stock.
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Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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