Fastenal (NASDAQ:FAST) Price Target Raised to $46.00 at Wolfe Research
by Mitch Edgeman · The Markets DailyFastenal (NASDAQ:FAST – Get Free Report) had its target price lifted by Wolfe Research from $43.00 to $46.00 in a report released on Tuesday,MarketScreener reports. The brokerage currently has an “underperform” rating on the stock. Wolfe Research’s price target points to a potential downside of 0.55% from the company’s current price.
A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Morgan Stanley reissued a “positive” rating and issued a $45.00 target price on shares of Fastenal in a report on Thursday, March 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Friday. Robert W. Baird lifted their price target on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Finally, Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average target price of $49.08.
Get Our Latest Analysis on FAST
Fastenal Stock Up 2.5%
Shares of Fastenal stock traded up $1.14 on Tuesday, reaching $46.26. 4,174,301 shares of the company were exchanged, compared to its average volume of 8,700,640. The stock’s 50 day moving average price is $45.52 and its 200-day moving average price is $43.79. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a market cap of $53.12 billion, a P/E ratio of 42.03, a price-to-earnings-growth ratio of 2.85 and a beta of 0.88.
Fastenal (NASDAQ:FAST – Get Free Report) last issued its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same quarter last year, the company earned $0.46 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts forecast that Fastenal will post 2.15 EPS for the current year.
Insiders Place Their Bets
In other news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the sale, the director owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares of the company’s stock, valued at $1,893,600. The trade was a 48.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by insiders.
Institutional Investors Weigh In On Fastenal
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its holdings in shares of Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the period. Sittner & Nelson LLC grew its position in Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after purchasing an additional 226 shares during the last quarter. Founders Capital Management LLC increased its stake in Fastenal by 2.2% in the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after purchasing an additional 228 shares during the period. Sowell Financial Services LLC increased its stake in Fastenal by 4.7% in the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock valued at $260,000 after purchasing an additional 238 shares during the period. Finally, L2 Asset Management LLC raised its holdings in shares of Fastenal by 4.8% in the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after buying an additional 248 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.
Fastenal Company Profile
Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.
Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.