Stifel Nicolaus Boosts Fastenal (FAST) Price Target to $55.00

Fastenal (NASDAQ:FAST) had its price objective lifted by Stifel Nicolaus from $54.00 to $55.00 in a research note issued to investors on Tuesday. They currently have a hold rating on the stock.

FAST has been the subject of a number of other research reports. Zacks Investment Research raised Fastenal from a hold rating to a buy rating and set a $61.00 target price for the company in a research report on Thursday, January 4th. Robert W. Baird reissued a buy rating and issued a $57.00 target price on shares of Fastenal in a research report on Tuesday, March 6th. Credit Suisse Group reissued an outperform rating and issued a $61.00 target price (up previously from $52.00) on shares of Fastenal in a research report on Tuesday, January 9th. Northcoast Research set a $60.00 target price on Fastenal and gave the stock a buy rating in a research report on Friday, March 2nd. Finally, BMO Capital Markets reissued a hold rating and issued a $57.00 target price on shares of Fastenal in a research report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $54.07.

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Shares of NASDAQ:FAST opened at $53.65 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 quick ratio of 2.40, a current ratio of 5.51 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $15,990.33, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 1.57 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, January 17th. The company reported $0.45 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.45. Fastenal had a return on equity of 27.39% and a net margin of 13.18%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. Fastenal’s revenue was up 14.8% on a year-over-year basis. sell-side analysts forecast that Fastenal will post 2.53 earnings per share for the current year.

In other news, insider William Joseph Drazkowski sold 7,500 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $56.64, for a total transaction of $424,800.00. Following the completion of the sale, the insider now owns 9,460 shares of the company’s stock, valued at approximately $535,814.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charles S. Miller sold 26,250 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $56.50, for a total transaction of $1,483,125.00. Following the sale, the insider now directly owns 26,250 shares of the company’s stock, 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.

Several large investors have recently made changes to their positions in FAST. New York State Common Retirement Fund grew its stake in shares of Fastenal by 5.3% during the 3rd quarter. New York State Common Retirement Fund now owns 946,100 shares of the company’s stock valued at $43,123,000 after acquiring an additional 47,900 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Fastenal by 1.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 113,801 shares of the company’s stock valued at $5,186,000 after acquiring an additional 1,749 shares during the period. Macquarie Group Ltd. grew its stake in shares of Fastenal by 14.8% during the 3rd quarter. Macquarie Group Ltd. now owns 18,251 shares of the company’s stock valued at $832,000 after acquiring an additional 2,351 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Fastenal by 5.3% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,717 shares of the company’s stock valued at $1,172,000 after acquiring an additional 1,302 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of Fastenal by 4.6% during the 3rd quarter. Schroder Investment Management Group now owns 131,528 shares of the company’s stock valued at $6,015,000 after acquiring an additional 5,789 shares during the period. Institutional investors own 85.20% of the company’s stock.

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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.

Analyst Recommendations for Fastenal (NASDAQ:FAST)

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