Fastenal (NASDAQ:FAST) Stock Gets Price Target Bump from Argus

Key Points

• Argus raised Fastenal’s price target from $55 to $59 and maintained a “buy” rating, implying 14.23% upside from the prior close.
• Fastenal reported quarterly results above expectations, with EPS of $0.35 versus a $0.34 estimate and revenue of $2.46 billion, up 15.5% year over year.
• Shares opened at $51.65, near their 52-week high of $52.92, while analyst sentiment remained mixed: seven analysts rated the stock “buy,” five “hold,” and two “sell,” producing a consensus “hold” rating.

Fastenal (NASDAQ:FAST - Get Free Report) had its price target hoisted by analysts at Argus from $55.00 to $59.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Argus' target price suggests a potential upside of 14.23% from the stock's previous close.

FAST has been the subject of a number of other reports. Robert W. Baird increased their price target on Fastenal from $59.00 to $60.00 and gave the company an "outperform" rating in a research note on Thursday, October 15th. Wolfe Research assumed coverage on Fastenal in a research report on Tuesday, September 15th. They set an "underperform" rating and a $51.00 price objective on the stock. DA Davidson set a $51.00 price objective on Fastenal and gave the stock a "neutral" rating in a research report on Tuesday, October 13th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, William Blair reiterated an "outperform" rating on shares of Fastenal in a research report on Friday, September 4th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $51.46.

Fastenal Trading Up 1.2%

Shares of Fastenal stock opened at $51.65 on Wednesday. The firm's 50 day moving average is $50.31 and its 200 day moving average is $47.61. The firm has a market capitalization of $59.27 billion, a PE ratio of 41.65, a price-to-earnings-growth ratio of 3.07 and a beta of 0.69. Fastenal has a 1 year low of $38.97 and a 1 year high of $52.92. The company has a current ratio of 3.93, a quick ratio of 2.11 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.44 billion. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. The company's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business posted $0.29 earnings per share. Equities research analysts forecast that Fastenal will post 1.27 earnings per share for the current fiscal year.

Insider Activity at Fastenal

In other news, Director Rita Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company's stock.

Institutional Trading of Fastenal

A number of institutional investors and hedge funds have recently bought and sold shares of FAST. Quadrant Capital Group LLC boosted its holdings in shares of Fastenal by 3.5% in the 3rd quarter. Quadrant Capital Group LLC now owns 26,292 shares of the company's stock worth $1,352,000 after buying an additional 884 shares during the last quarter. Capstone Capital Management Ltd grew its position in Fastenal by 17.6% during the third quarter. Capstone Capital Management Ltd now owns 19,934 shares of the company's stock valued at $987,000 after buying an additional 2,983 shares during the period. Benchmark Financial Wealth Advisors LLC bought a new position in Fastenal during the third quarter valued at about $220,000. Carnegie Investment Counsel increased its holdings in Fastenal by 5.8% during the third quarter. Carnegie Investment Counsel now owns 7,773 shares of the company's stock worth $385,000 after buying an additional 428 shares during the last quarter. Finally, Pinnacle Associates Ltd. increased its holdings in Fastenal by 3.9% during the third quarter. Pinnacle Associates Ltd. now owns 12,479 shares of the company's stock worth $618,000 after buying an additional 465 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.

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