Raymond James Lowers Fastenal (NASDAQ:FAST) Price Target to $37.00

Fastenal (NASDAQ:FAST) had its price target cut by Raymond James from $39.00 to $37.00 in a report issued on Friday, BenzingaRatingsTable reports. They currently have a strong-buy rating on the stock.

Other research analysts have also recently issued reports about the company. ValuEngine cut Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Zacks Investment Research raised Hope Bancorp from a sell rating to a hold rating in a report on Wednesday, April 17th. William Blair reissued a market perform rating on shares of Luminex in a report on Tuesday, May 7th. BidaskClub raised Zebra Technologies from a hold rating to a buy rating in a report on Saturday, July 6th. Finally, Northcoast Research cut Fastenal from a buy rating to a neutral rating in a report on Monday, April 15th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $31.31.

NASDAQ FAST opened at $30.68 on Friday. The business has a 50 day simple moving average of $31.78. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Fastenal has a 12 month low of $24.00 and a 12 month high of $35.94. The stock has a market cap of $17.71 billion, a PE ratio of 23.01, a PEG ratio of 1.38 and a beta of 1.25.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, July 11th. The company reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.01). Fastenal had a return on equity of 32.27% and a net margin of 14.74%. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the prior year, the firm posted $0.37 earnings per share. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, sell-side analysts predict that Fastenal will post 1.4 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, July 25th will be issued a dividend of $0.22 per share. The ex-dividend date is Wednesday, July 24th. This represents a $0.88 annualized dividend and a dividend yield of 2.87%. Fastenal’s dividend payout ratio (DPR) is 65.15%.

In other news, CEO Daniel L. Florness sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $70.75, for a total transaction of $1,415,000.00. Following the sale, the chief executive officer now directly owns 109,845 shares of the company’s stock, valued at approximately $7,771,533.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Terry Modock Owen sold 1,875 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $70.62, for a total value of $132,412.50. Following the transaction, the insider now directly owns 5,375 shares in the company, valued at approximately $379,582.50. The disclosure for this sale can be found here. Insiders have sold a total of 163,470 shares of company stock worth $11,485,007 over the last ninety days. Insiders own 0.62% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Investors Research Corp bought a new position in shares of Fastenal during the 1st quarter valued at approximately $26,000. Strategy Asset Managers LLC bought a new position in shares of Fastenal during the 1st quarter valued at approximately $32,000. Trustcore Financial Services LLC bought a new position in shares of Fastenal during the 1st quarter valued at approximately $43,000. Bremer Bank National Association bought a new position in shares of Fastenal during the 1st quarter valued at approximately $53,000. Finally, Zions Bancorporation N.A. bought a new position in shares of Fastenal during the 1st quarter valued at approximately $59,000. 85.36% 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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