Fastenal (NASDAQ:FAST) PT Raised to $63.00

Fastenal (NASDAQ:FAST) had its price objective increased by JPMorgan Chase & Co. from $57.00 to $63.00 in a research report sent to investors on Thursday morning. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the company. Stifel Nicolaus reaffirmed a buy rating and set a $80.00 target price (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Morgan Stanley initiated coverage on Fastenal in a research report on Friday, September 6th. They issued an equal weight rating and a $72.00 target price on the stock. Stephens reiterated an equal weight rating and set a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group lowered their target price on shares of Fastenal from $74.00 to $65.00 and set a hold rating on the stock in a research note on Thursday, July 11th. Finally, Bank of America initiated coverage on Fastenal in a research note on Monday, October 7th. They set a buy rating and a $85.00 target price for the company. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Fastenal presently has an average rating of Hold and an average target price of $68.89.

Fastenal Stock Up 9.8 %

Shares of NASDAQ FAST opened at $76.82 on Thursday. The stock has a fifty day moving average price of $68.77 and a 200 day moving average price of $67.89. The company has a market cap of $43.98 billion, a P/E ratio of 38.22, a P/E/G ratio of 4.13 and a beta of 1.01. Fastenal has a 12-month low of $56.41 and a 12-month high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the prior year, the company posted $0.52 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. Research analysts anticipate that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.03%. Fastenal’s dividend payout ratio is 77.61%.

Insider Buying and Selling at Fastenal

In related news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

A number of institutional investors and hedge funds have recently bought and sold shares of FAST. MCF Advisors LLC boosted its stake in Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after buying an additional 391 shares in the last quarter. Central Valley Advisors LLC acquired a new stake in Fastenal during the 2nd quarter worth $28,000. Moisand Fitzgerald Tamayo LLC lifted its stake in Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after buying an additional 428 shares during the period. LRI Investments LLC bought a new position in shares of Fastenal during the first quarter worth $39,000. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Fastenal during the second quarter worth about $32,000. Institutional investors own 81.38% of the company’s stock.

About Fastenal

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