Fastenal (NASDAQ:FAST) Upgraded to “Strong-Buy” at Rothschild & Co Redburn

Rothschild & Co Redburn upgraded shares of Fastenal (NASDAQ:FAST) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

A number of other brokerages have also recently commented on FAST. Bank of America lifted their target price on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. DA Davidson started coverage on Fastenal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price objective on the stock. Robert W. Baird lowered their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. lifted their price target on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.31.

Fastenal Price Performance

FAST stock opened at $47.05 on Monday. The firm has a 50 day moving average of $45.60 and a 200-day moving average of $45.09. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. Fastenal has a 12 month low of $38.97 and a 12 month high of $50.63. The firm has a market capitalization of $54.02 billion, a P/E ratio of 41.27, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the company earned $0.52 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Fastenal will post 1.24 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is 84.21%.

Institutional Trading of Fastenal

Institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in Fastenal by 1.2% in the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after buying an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock worth $1,898,031,000 after acquiring an additional 919,158 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares during the last quarter. Invesco Ltd. lifted its position in Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. Finally, Bank of America Corp DE lifted its position in Fastenal by 12.0% during the first quarter. Bank of America Corp DE now owns 16,292,425 shares of the company’s stock valued at $755,969,000 after purchasing an additional 1,744,193 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.