Raymond James Analysts Give Fastenal (FAST) a $78.00 Price Target

Raymond James set a $78.00 price objective on Fastenal (NASDAQ:FAST) in a research note published on Friday morning, Stock Target Advisor reports. The brokerage currently has a buy rating on the stock.

FAST has been the subject of several other research reports. Zacks Investment Research raised Fastenal from a hold rating to a buy rating and set a $66.00 price target for the company in a research report on Wednesday, January 23rd. Jefferies Financial Group started coverage on Fastenal in a research report on Monday, January 7th. They issued a hold rating and a $60.00 price target for the company. BidaskClub raised Fastenal from a buy rating to a strong-buy rating in a research report on Thursday, January 24th. Morgan Stanley started coverage on Fastenal in a research report on Tuesday, December 18th. They issued an equal weight rating and a $55.00 price target for the company. Finally, Wolfe Research raised Fastenal from an underperform rating to a market perform rating in a research report on Tuesday, January 8th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $60.90.

Shares of Fastenal stock opened at $68.77 on Friday. The company has a quick ratio of 2.37, a current ratio of 4.31 and a debt-to-equity ratio of 0.20. The firm has a market cap of $19.60 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 1.50 and a beta of 1.17. Fastenal has a 12 month low of $47.37 and a 12 month high of $69.88.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Thursday, April 11th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.67 by $0.01. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.30 billion. Fastenal had a return on equity of 33.52% and a net margin of 15.16%. During the same quarter last year, the firm posted $0.61 earnings per share. Sell-side analysts anticipate that Fastenal will post 2.85 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, April 24th will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.50%. The ex-dividend date is Tuesday, April 23rd. Fastenal’s dividend payout ratio is presently 65.40%.

In other Fastenal news, insider Leland J. Hein sold 39,583 shares of the business’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $62.86, for a total value of $2,488,187.38. Following the completion of the transaction, the insider now owns 22,611 shares of the company’s stock, valued at approximately $1,421,327.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael John Dolan sold 2,500 shares of the business’s stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $60.00, for a total value of $150,000.00. Following the completion of the transaction, the director now directly owns 12,500 shares of the company’s stock, valued at approximately $750,000. The disclosure for this sale can be found here. In the last three months, insiders sold 87,083 shares of company stock valued at $5,458,662. 0.56% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. Berman Capital Advisors LLC purchased a new position in Fastenal in the 4th quarter worth about $26,000. AdvisorNet Financial Inc raised its position in Fastenal by 46.9% in the 4th quarter. AdvisorNet Financial Inc now owns 564 shares of the company’s stock worth $29,000 after buying an additional 180 shares during the last quarter. Avestar Capital LLC raised its position in Fastenal by 3,163.2% in the 4th quarter. Avestar Capital LLC now owns 620 shares of the company’s stock worth $30,000 after buying an additional 601 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Fastenal in the 4th quarter worth about $39,000. Finally, Bremer Trust National Association purchased a new position in Fastenal in the 4th quarter worth about $39,000. 86.58% of the stock is owned by institutional investors and hedge funds.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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