Fastenal (NASDAQ:FAST) Given Average Recommendation of “Reduce” by Brokerages

Shares of Fastenal (NASDAQ:FAST) have earned an average recommendation of “Reduce” from the eleven research firms that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $76.91.

Several equities research analysts recently weighed in on FAST shares. UBS Group initiated coverage on shares of Fastenal in a research report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 price objective for the company. Jefferies Financial Group upped their price target on shares of Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Stifel Nicolaus decreased their price objective on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Wolfe Research boosted their price objective on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Finally, HSBC downgraded Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price on the stock. in a report on Wednesday, December 11th.

Fastenal Trading Up 0.4 %

Shares of FAST stock opened at $74.49 on Thursday. The stock has a market cap of $42.72 billion, a P/E ratio of 37.06, a price-to-earnings-growth ratio of 3.58 and a beta of 1.02. Fastenal has a 1 year low of $61.36 and a 1 year high of $84.88. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The stock has a 50 day simple moving average of $74.06 and a 200 day simple moving average of $74.82.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The business’s revenue was up 3.7% compared to the same quarter last year. On average, research analysts predict that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, January 31st were given a dividend of $0.43 per share. The ex-dividend date was Friday, January 31st. This represents a $1.72 dividend on an annualized basis and a yield of 2.31%. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s payout ratio is currently 85.57%.

Institutional Trading of Fastenal

A number of hedge funds have recently made changes to their positions in FAST. Norges Bank bought a new position in Fastenal in the 4th quarter valued at approximately $522,558,000. Price T Rowe Associates Inc. MD raised its position in shares of Fastenal by 100.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,081,620 shares of the company’s stock worth $221,600,000 after acquiring an additional 1,547,319 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Fastenal in the fourth quarter worth approximately $101,183,000. State Street Corp boosted its holdings in Fastenal by 5.1% in the third quarter. State Street Corp now owns 27,989,485 shares of the company’s stock valued at $1,999,009,000 after acquiring an additional 1,346,863 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Fastenal by 301.9% during the 4th quarter. Wellington Management Group LLP now owns 1,478,233 shares of the company’s stock valued at $106,300,000 after purchasing an additional 1,110,445 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Company Profile

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.