Fastenal (NASDAQ:FAST) PT Lowered to $29.00

Fastenal (NASDAQ:FAST) had its price target lowered by Morgan Stanley from $31.50 to $29.00 in a report published on Friday, BenzingaRatingsTable reports. The firm currently has an equal weight rating on the stock.

FAST has been the subject of several other research reports. Raymond James set a $39.00 price target on shares of Fastenal and gave the company a buy rating in a research report on Tuesday, June 11th. ValuEngine lowered shares of Verso from a hold rating to a sell rating in a research report on Thursday, May 23rd. Northcoast Research downgraded shares of Fastenal from a buy rating to a neutral rating in a report on Monday, April 15th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Hope Bancorp from a sell rating to a hold rating in a report on Wednesday, April 17th. Finally, BidaskClub raised shares of Zebra Technologies from a hold rating to a buy rating in a report on Saturday, July 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Fastenal has an average rating of Hold and an average price target of $31.31.

FAST opened at $30.68 on Friday. The company has a market capitalization of $17.71 billion, a price-to-earnings ratio of 23.01, a P/E/G ratio of 1.38 and a beta of 1.25. The firm’s 50-day moving average is $31.78. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 4.68. Fastenal has a fifty-two week low of $24.00 and a fifty-two week high of $35.94.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, July 11th. The company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). The company had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. Fastenal had a net margin of 14.74% and a return on equity of 32.27%. Fastenal’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.37 EPS. Equities analysts predict that Fastenal will post 1.4 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, July 25th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend is Wednesday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 65.15%.

In other news, insider Nicholas J. Lundquist sold 37,500 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $70.48, for a total value of $2,643,000.00. Following the sale, the insider now directly owns 253,500 shares of the company’s stock, valued at $17,866,680. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sheryl Ann Lisowski sold 9,166 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $64.22, for a total transaction of $588,640.52. Following the completion of the sale, the chief accounting officer now directly owns 9,466 shares in the company, valued at $607,906.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,470 shares of company stock worth $11,485,007. Insiders own 0.62% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC lifted its holdings in shares of Fastenal by 31.1% in the first quarter. SG Americas Securities LLC now owns 5,675 shares of the company’s stock worth $365,000 after buying an additional 1,345 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Fastenal by 8.1% in the first quarter. The Manufacturers Life Insurance Company now owns 2,551,486 shares of the company’s stock worth $164,086,000 after buying an additional 190,333 shares in the last quarter. GAM Holding AG lifted its holdings in shares of Fastenal by 110.7% in the first quarter. GAM Holding AG now owns 18,242 shares of the company’s stock worth $1,173,000 after buying an additional 9,583 shares in the last quarter. Meristem Family Wealth LLC purchased a new stake in shares of Fastenal in the first quarter worth about $220,000. Finally, Green Square Capital LLC lifted its holdings in shares of Fastenal by 9.1% in the fourth quarter. Green Square Capital LLC now owns 131,767 shares of the company’s stock worth $6,890,000 after buying an additional 10,940 shares in the last quarter. 85.36% of the stock is currently owned by hedge funds and other 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, 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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