Fastenal (FAST) Downgraded by ValuEngine to Hold

Fastenal (NASDAQ:FAST) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, October 17th.

A number of other brokerages also recently commented on FAST. BidaskClub upgraded Fastenal from a “hold” rating to a “buy” rating in a research report on Tuesday, August 21st. Zacks Investment Research downgraded Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, September 11th. Northcoast Research reiterated a “buy” rating and set a $62.00 price objective on shares of Fastenal in a research report on Friday, July 27th. Stifel Nicolaus increased their price objective on Fastenal from $53.00 to $56.00 and gave the company a “hold” rating in a research report on Friday, July 13th. Finally, Wells Fargo & Co increased their target price on Fastenal from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Thursday, July 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $56.40.

FAST traded down $0.37 during trading on Wednesday, reaching $54.76. The stock had a trading volume of 4,098,887 shares, compared to its average volume of 3,394,520. The company has a market capitalization of $15.70 billion, a price-to-earnings ratio of 28.37, a price-to-earnings-growth ratio of 1.51 and a beta of 1.01. 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 has a 1-year low of $46.91 and a 1-year high of $61.14.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. Equities analysts expect that Fastenal will post 2.58 EPS for the current fiscal year.

In related news, insider William Joseph Drazkowski purchased 830 shares of the company’s stock in a transaction dated Tuesday, October 23rd. The shares were acquired at an average cost of $50.54 per share, with a total value of $41,948.20. Following the completion of the purchase, the insider now owns 2,790 shares of the company’s stock, valued at approximately $141,006.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel L. Florness bought 2,000 shares of the stock in a transaction on Friday, October 12th. The shares were acquired at an average cost of $51.95 per share, for a total transaction of $103,900.00. Following the completion of the transaction, the chief executive officer now directly owns 99,845 shares of the company’s stock, valued at $5,186,947.75. The disclosure for this purchase can be found here. Insiders bought 5,795 shares of company stock worth $299,849 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Trust Department MB Financial Bank N A acquired a new position in Fastenal during the second quarter worth $137,000. Delta Asset Management LLC TN boosted its holdings in Fastenal by 3,540.7% during the third quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock valued at $182,000 after acquiring an additional 3,045 shares during the period. Canton Hathaway LLC bought a new stake in Fastenal during the third quarter valued at about $186,000. Meyer Handelman Co. bought a new stake in Fastenal during the third quarter valued at about $203,000. Finally, Atria Investments LLC bought a new stake in Fastenal during the third quarter valued at about $222,000. 86.30% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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