ValuEngine lowered shares of Fastenal (NASDAQ:FAST) from a buy rating to a hold rating in a research report released on Wednesday morning.
FAST has been the topic of several other reports. Buckingham Research initiated coverage on Fastenal in a report on Monday, October 22nd. They issued a neutral rating and a $50.00 price target on the stock. Zacks Investment Research upgraded Fastenal from a hold rating to a buy rating and set a $65.00 price target on the stock in a report on Wednesday, October 3rd. BidaskClub upgraded Fastenal from a hold rating to a buy rating in a report on Tuesday, August 21st. Wells Fargo & Co set a $50.00 price target on Fastenal and gave the stock a hold rating in a report on Thursday, October 11th. Finally, Longbow Research upgraded Fastenal from a neutral rating to a buy rating and set a $63.00 price target on the stock in a report on Tuesday. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $57.00.
NASDAQ:FAST opened at $57.27 on Wednesday. The company has a market capitalization of $16.44 billion, a PE ratio of 29.67, a P/E/G ratio of 1.58 and a beta of 1.08. Fastenal has a 1 year low of $47.37 and a 1 year high of $61.14. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.27 billion. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the company earned $0.50 EPS. Research analysts expect that Fastenal will post 2.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th were issued a $0.40 dividend. The ex-dividend date was Tuesday, October 23rd. This represents a $1.60 annualized dividend and a dividend yield of 2.79%. Fastenal’s payout ratio is 82.90%.
In other news, CFO Holden Lewis acquired 500 shares of Fastenal stock in a transaction on Tuesday, October 16th. The shares were bought at an average cost of $52.28 per share, for a total transaction of $26,140.00. Following the acquisition, the chief financial officer now directly owns 3,500 shares of the company’s stock, valued at approximately $182,980. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel L. Florness acquired 2,000 shares of Fastenal stock in a transaction on Friday, October 12th. The shares were purchased at an average price of $51.95 per share, for a total transaction of $103,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 99,845 shares in the company, valued at $5,186,947.75. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 5,795 shares of company stock worth $299,849. Company insiders own 0.56% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc increased its holdings in Fastenal by 4.5% during the 2nd quarter. CIBC Asset Management Inc now owns 39,775 shares of the company’s stock worth $1,914,000 after purchasing an additional 1,708 shares during the period. Global X Management Co LLC increased its holdings in Fastenal by 16.4% during the 2nd quarter. Global X Management Co LLC now owns 69,024 shares of the company’s stock worth $3,322,000 after purchasing an additional 9,734 shares during the period. Marshall Wace LLP purchased a new position in Fastenal during the 2nd quarter worth $1,322,000. Bank of Montreal Can increased its holdings in Fastenal by 23.8% during the 3rd quarter. Bank of Montreal Can now owns 494,532 shares of the company’s stock worth $28,693,000 after purchasing an additional 95,225 shares during the period. Finally, Oregon Public Employees Retirement Fund purchased a new position in Fastenal during the 2nd quarter worth $3,546,000. Institutional investors own 85.23% of the company’s stock.
Fastenal Company Profile
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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