Brokerages Set Fastenal (NASDAQ:FAST) Target Price at $76.00

Shares of Fastenal (NASDAQ:FAST) have been assigned an average rating of “Hold” from the fifteen ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $76.00.

A number of research firms have recently issued reports on FAST. JPMorgan Chase & Co. upgraded Fastenal from an “underweight” rating to a “neutral” rating and set a $34.00 price objective on the stock in a research report on Tuesday, June 23rd. Morgan Stanley boosted their price objective on Fastenal from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Stephens boosted their price objective on Fastenal from $32.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. ValuEngine upgraded Fastenal from a “sell” rating to a “hold” rating in a research report on Thursday, April 2nd. Finally, BidaskClub upgraded Fastenal from a “hold” rating to a “buy” rating in a research report on Tuesday, April 28th.

In other Fastenal news, Director Michael John Dolan sold 15,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $40.00, for a total value of $600,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Leland J. Hein sold 5,473 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $34.84, for a total value of $190,679.32. Following the completion of the transaction, the vice president now directly owns 10,111 shares in the company, valued at approximately $352,267.24. The disclosure for this sale can be found here. In the last three months, insiders sold 102,733 shares of company stock worth $3,997,099. Insiders own 0.57% of the company’s stock.

A number of institutional investors have recently bought and sold shares of FAST. Optimal Asset Management Inc. lifted its stake in shares of Fastenal by 183.5% during the first quarter. Optimal Asset Management Inc. now owns 34,221 shares of the company’s stock valued at $1,069,000 after acquiring an additional 22,151 shares during the period. Morgan Stanley lifted its stake in shares of Fastenal by 18.8% during the first quarter. Morgan Stanley now owns 2,732,144 shares of the company’s stock valued at $85,380,000 after acquiring an additional 432,559 shares during the period. UMB Bank N A MO lifted its stake in shares of Fastenal by 14.8% during the first quarter. UMB Bank N A MO now owns 94,036 shares of the company’s stock valued at $2,939,000 after acquiring an additional 12,091 shares during the period. Tikehau Investment Management lifted its stake in shares of Fastenal by 1,531.6% during the first quarter. Tikehau Investment Management now owns 612,163 shares of the company’s stock valued at $19,130,000 after acquiring an additional 574,644 shares during the period. Finally, Verus Capital Partners LLC lifted its stake in shares of Fastenal by 37.5% during the first quarter. Verus Capital Partners LLC now owns 4,400 shares of the company’s stock valued at $138,000 after acquiring an additional 1,200 shares during the period. 80.06% of the stock is currently owned by institutional investors.

NASDAQ FAST traded up $0.93 during trading on Tuesday, hitting $41.92. The company’s stock had a trading volume of 3,869,900 shares, compared to its average volume of 5,100,949. The firm has a market cap of $23.48 billion, a P/E ratio of 30.16, a price-to-earnings-growth ratio of 3.41 and a beta of 1.19. The company has a quick ratio of 1.93, a current ratio of 4.25 and a debt-to-equity ratio of 0.23. Fastenal has a 52 week low of $26.72 and a 52 week high of $43.20. The firm has a 50 day moving average price of $40.68 and a 200 day moving average price of $36.73.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, April 14th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Fastenal had a return on equity of 30.71% and a net margin of 14.83%. Fastenal’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 earnings per share. On average, equities analysts expect that Fastenal will post 1.34 earnings per share for the current year.

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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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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