Fastenal (NASDAQ:FAST) Price Target Lowered to $66.00 at Loop Capital

Fastenal (NASDAQ:FAST) had its price target reduced by Loop Capital from $71.00 to $66.00 in a research note published on Monday, Benzinga reports. They currently have a hold rating on the stock.

Other research analysts have also issued research reports about the company. HSBC lifted their target price on Fastenal from $59.00 to $64.00 and gave the stock a hold rating in a research report on Monday. Robert W. Baird dropped their target price on shares of Fastenal from $77.00 to $71.00 and set a neutral rating on the stock in a report on Friday, April 12th. Finally, Stifel Nicolaus lifted their price target on shares of Fastenal from $75.00 to $85.00 and gave the company a buy rating in a report on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $67.67.

Fastenal Stock Down 1.4 %

FAST stock opened at $67.50 on Monday. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. The firm has a 50 day simple moving average of $73.67 and a 200-day simple moving average of $66.21. The company has a market capitalization of $38.63 billion, a P/E ratio of 33.42, a PEG ratio of 3.59 and a beta of 1.05. Fastenal has a twelve month low of $52.28 and a twelve month high of $79.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the business earned $0.52 earnings per share. Fastenal’s revenue was up 1.9% on a year-over-year basis. On average, equities research analysts predict that Fastenal will post 2.13 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be given a dividend of $0.39 per share. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 annualized dividend and a dividend yield of 2.31%. Fastenal’s dividend payout ratio is currently 77.23%.

Insider Buying and Selling

In other Fastenal news, VP Charles S. Miller sold 23,590 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $69.25, for a total transaction of $1,633,607.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Jeffery Michael Watts sold 19,420 shares of Fastenal stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $70.25, for a total transaction of $1,364,255.00. Following the sale, the insider now directly owns 5,940 shares in the company, valued at $417,285. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Charles S. Miller sold 23,590 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $69.25, for a total transaction of $1,633,607.50. The disclosure for this sale can be found here. Insiders have sold a total of 71,640 shares of company stock valued at $5,044,657 in the last quarter. Company insiders own 0.41% of the company’s stock.

Institutional Trading of Fastenal

A number of hedge funds and other institutional investors have recently made changes to their positions in FAST. Allspring Global Investments Holdings LLC increased its stake in shares of Fastenal by 16.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 36,044 shares of the company’s stock valued at $2,780,000 after acquiring an additional 5,000 shares during the period. LVW Advisors LLC bought a new position in Fastenal during the first quarter valued at about $378,000. Sandy Cove Advisors LLC bought a new position in Fastenal during the first quarter valued at about $923,000. Founders Financial Securities LLC acquired a new position in Fastenal during the first quarter worth about $273,000. Finally, Hennion & Walsh Asset Management Inc. raised its position in Fastenal by 135.2% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 16,607 shares of the company’s stock worth $1,281,000 after acquiring an additional 9,546 shares in the last quarter. 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.