Credit Suisse Group Reiterates “Outperform” Rating for Fastenal (FAST)

Credit Suisse Group reissued their outperform rating on shares of Fastenal (NASDAQ:FAST) in a research report report published on Tuesday, The Fly reports. The firm currently has a $61.00 price target on the stock, up from their previous price target of $52.00.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets restated a market perform rating and set a $51.00 price target (up previously from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Stephens set a $54.00 price target on shares of Fastenal and gave the company a buy rating in a research report on Wednesday, October 11th. Zacks Investment Research upgraded shares of Fastenal from a hold rating to a buy rating and set a $61.00 price target for the company in a research report on Thursday, January 4th. Morgan Stanley restated an equal weight rating and set a $46.00 price target (up previously from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. Finally, Stifel Nicolaus restated a hold rating and set a $51.00 price target on shares of Fastenal in a research report on Monday, December 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $52.93.

Shares of Fastenal (FAST) opened at $55.59 on Tuesday. The company has a market cap of $15,832.34, a PE ratio of 29.30, a PEG ratio of 1.85 and a beta of 1.09. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. Fastenal has a 1-year low of $39.79 and a 1-year high of $55.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 earnings per share. sell-side analysts expect that Fastenal will post 1.93 EPS for the current year.

In other Fastenal news, insider Gary A. Polipnick sold 2,634 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $53.45, for a total transaction of $140,787.30. Following the completion of the transaction, the insider now owns 59,323 shares in the company, valued at $3,170,814.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Leland J. Hein sold 10,000 shares of the stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $47.14, for a total transaction of $471,400.00. Following the transaction, the insider now owns 21,290 shares of the company’s stock, valued at approximately $1,003,610.60. The disclosure for this sale can be found here. Insiders have sold 82,746 shares of company stock valued at $4,020,619 in the last quarter. Company insiders own 0.55% of the company’s stock.

Large investors have recently modified their holdings of the business. Commonwealth Bank of Australia boosted its position in shares of Fastenal by 44.9% in the second quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after acquiring an additional 753 shares during the period. Fuller & Thaler Asset Management Inc. bought a new position in shares of Fastenal in the third quarter valued at approximately $114,000. Cable Hill Partners LLC bought a new position in shares of Fastenal in the third quarter valued at approximately $126,000. Krilogy Financial LLC boosted its position in shares of Fastenal by 2.0% in the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock valued at $154,000 after acquiring an additional 70 shares during the period. Finally, QS Investors LLC boosted its position in shares of Fastenal by 1.6% in the second quarter. QS Investors LLC now owns 4,051 shares of the company’s stock valued at $176,000 after acquiring an additional 63 shares during the period. Hedge funds and other institutional investors own 84.54% of the company’s stock.

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Fastenal Company Profile

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.

The Fly

Analyst Recommendations for Fastenal (NASDAQ:FAST)

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