Fastenal (NASDAQ:FAST) Given New $75.00 Price Target at Stephens

Fastenal (NASDAQ:FAST) had its price objective upped by stock analysts at Stephens from $56.00 to $75.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Stephens’ target price suggests a potential downside of 2.48% from the company’s previous close.

Several other research analysts also recently issued reports on FAST. Stifel Nicolaus reaffirmed a “buy” rating and set a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Morgan Stanley initiated coverage on Fastenal in a research note on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price target on the stock. Bank of America initiated coverage on Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on Fastenal from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.33.

Fastenal Stock Up 0.3 %

NASDAQ:FAST opened at $76.91 on Monday. The stock’s fifty day moving average price is $69.21 and its two-hundred day moving average price is $67.88. Fastenal has a 52-week low of $56.41 and a 52-week high of $79.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. The company has a market cap of $44.03 billion, a price-to-earnings ratio of 38.26, a P/E/G ratio of 4.13 and a beta of 1.01.

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

Insider Activity at Fastenal

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

Hedge Funds Weigh In On Fastenal

A number of large investors have recently added to or reduced their stakes in FAST. ProShare Advisors LLC increased its holdings in Fastenal by 497.3% during the 1st quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock worth $239,083,000 after purchasing an additional 2,580,478 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Fastenal by 46.2% in the 1st quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock valued at $245,757,000 after acquiring an additional 1,006,402 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Fastenal by 4,008.2% in the 2nd quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock valued at $47,522,000 after acquiring an additional 737,833 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Fastenal by 19.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after acquiring an additional 636,546 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Fastenal in the 2nd quarter valued at about $37,659,000. Institutional investors own 81.38% 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, 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.