Fastenal (NASDAQ:FAST) Price Target Increased to $80.00 by Analysts at Robert W. Baird

Fastenal (NASDAQ:FAST) had its target price lifted by Robert W. Baird from $67.00 to $80.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages also recently weighed in on FAST. Stephens increased their target price on Fastenal from $56.00 to $75.00 and gave the company an equal weight rating in a research note on Monday. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $57.00 to $63.00 and gave the stock a neutral rating in a research note on Thursday, October 10th. Stifel Nicolaus reiterated a buy rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group decreased their price target on shares of Fastenal from $74.00 to $65.00 and set a hold rating on the stock in a research report on Thursday, July 11th. Finally, Morgan Stanley assumed coverage on shares of Fastenal in a report on Friday, September 6th. They set an equal weight rating and a $72.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $73.33.

Fastenal Price Performance

Shares of Fastenal stock opened at $76.69 on Monday. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $68.98 and a 200-day simple moving average of $67.88. The stock has a market capitalization of $43.91 billion, a price-to-earnings ratio of 38.15, a PEG ratio of 4.13 and a beta of 1.01. Fastenal has a 1-year low of $56.41 and a 1-year high of $79.04.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. On average, sell-side analysts expect that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 2.03%. Fastenal’s dividend payout ratio (DPR) is currently 77.61%.

Insider Buying and Selling

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The shares were 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 directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were 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 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 disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FAST. MCF Advisors LLC raised its position in Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares during the last quarter. Central Valley Advisors LLC acquired a new position in Fastenal during the 2nd quarter worth about $28,000. Moisand Fitzgerald Tamayo LLC grew its holdings in Fastenal by 1,019.0% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after acquiring an additional 428 shares during the last quarter. LRI Investments LLC bought a new stake in Fastenal during the 1st quarter worth about $39,000. Finally, Triad Wealth Partners LLC acquired a new stake in Fastenal in the 2nd quarter valued at about $32,000. 81.38% of the stock is owned by institutional investors and hedge funds.

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.