A number of other research firms have also weighed in on FAST. Zacks Investment Research lowered shares of Fastenal from a buy rating to a sell rating in a research note on Thursday, January 3rd. Wolfe Research upgraded shares of Fastenal from an underperform rating to a market perform rating in a research note on Tuesday, January 8th. Northcoast Research lowered shares of Fastenal from a buy rating to a neutral rating in a research note on Monday, April 15th. They noted that the move was a valuation call. Buckingham Research set a $51.00 price objective on shares of Fastenal and gave the stock a hold rating in a research note on Friday, January 11th. Finally, Raymond James set a $78.00 price target on shares of Fastenal and gave the company a buy rating in a research report on Friday, April 12th. Eleven research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $61.70.
NASDAQ FAST opened at $71.28 on Tuesday. The firm has a market capitalization of $20.41 billion, a price-to-earnings ratio of 27.10, a P/E/G ratio of 1.56 and a beta of 1.17. Fastenal has a 12-month low of $47.37 and a 12-month high of $71.88. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.31 and a quick ratio of 1.97.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Thursday, April 11th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.01. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. Fastenal had a net margin of 15.16% and a return on equity of 33.52%. During the same quarter in the prior year, the business earned $0.61 earnings per share. As a group, equities analysts anticipate that Fastenal will post 2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, April 24th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, April 23rd. This represents a $1.72 annualized dividend and a yield of 2.41%. Fastenal’s dividend payout ratio is presently 65.40%.
In related news, Director Michael John Dolan sold 2,500 shares of the firm’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $60.00, for a total transaction of $150,000.00. Following the sale, the director now owns 12,500 shares in the company, valued at $750,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Willard D. Oberton sold 25,000 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $70.85, for a total transaction of $1,771,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,012 shares of company stock worth $11,461,016. 0.56% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in FAST. Oregon Public Employees Retirement Fund grew its position in shares of Fastenal by 4,838.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,659,620 shares of the company’s stock valued at $70,000 after purchasing an additional 3,585,509 shares during the period. London Co. of Virginia acquired a new stake in shares of Fastenal in the fourth quarter valued at about $168,189,000. Norges Bank acquired a new stake in shares of Fastenal in the fourth quarter valued at about $135,756,000. Pendal Group Ltd acquired a new stake in shares of Fastenal in the fourth quarter valued at about $54,984,000. Finally, Bank of New York Mellon Corp grew its position in shares of Fastenal by 7.7% in the fourth quarter. Bank of New York Mellon Corp now owns 15,859,900 shares of the company’s stock valued at $829,314,000 after purchasing an additional 1,134,666 shares during the period. Institutional investors and hedge funds own 86.64% 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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