Fastenal (NASDAQ:FAST) PT Raised to $63.00

Fastenal (NASDAQ:FAST) had its target price lifted by analysts at JPMorgan Chase & Co. from $57.00 to $63.00 in a report issued on Thursday. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 17.99% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Morgan Stanley began coverage on Fastenal in a research note on Friday, September 6th. They issued an “equal weight” rating and a $72.00 target price for the company. Jefferies Financial Group decreased their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Bank of America began coverage on Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 target price for the company. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Finally, Stephens reissued an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $68.89.

Fastenal Trading Up 9.8 %

NASDAQ FAST opened at $76.82 on Thursday. The stock has a 50-day simple moving average of $68.58 and a 200 day simple moving average of $68.02. The company has a market capitalization of $43.99 billion, a PE ratio of 38.22, a P/E/G ratio of 4.13 and a beta of 1.01. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. Fastenal has a 12 month low of $56.41 and a 12 month high of $79.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis. Research analysts forecast that Fastenal will post 2.04 EPS for the current year.

Insider Buying and Selling

In related news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. MCF Advisors LLC grew its stake in Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares in the last quarter. Central Valley Advisors LLC acquired a new stake in shares of Fastenal in the second quarter valued at approximately $28,000. Moisand Fitzgerald Tamayo LLC lifted its position in shares of Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after buying an additional 428 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Fastenal in the first quarter valued at approximately $39,000. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Fastenal in the second quarter valued at approximately $32,000. 81.38% of the stock is currently owned by 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, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.