Barclays Issues Positive Forecast for Fastenal (NASDAQ:FAST) Stock Price

Key Points

• Barclays raised its price target on Fastenal to $45 from $44 while keeping an "equal weight" rating, implying roughly a 0.16% downside from the stock's current price.
• Analyst consensus remains cautious—five Buy, six Hold and two Sell—giving an average rating of "Hold" and an average target price of $49.77.
• Fastenal recently reported quarterly EPS of $0.30 (in line with estimates) and revenue of $2.20 billion, up 12.4% year-over-year; the stock trades at a market cap of about $51.8 billion and a P/E of 39.5.

Fastenal (NASDAQ:FAST - Get Free Report) had its target price increased by investment analysts at Barclays from $44.00 to $45.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The firm currently has an "equal weight" rating on the stock. Barclays's price objective indicates a potential downside of 0.16% from the stock's current price.

A number of other equities analysts have also issued reports on FAST. Bank of America upped their target price on shares of Fastenal from $48.00 to $55.00 in a research report on Monday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fastenal in a report on Friday, March 27th. UBS Group reaffirmed a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Robert W. Baird reduced their price objective on Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. upped their price objective on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $49.77.

Fastenal Stock Performance

Fastenal stock opened at $45.07 on Thursday. The stock has a 50-day simple moving average of $46.02 and a 200 day simple moving average of $43.73. The company has a quick ratio of 2.41, a current ratio of 4.39 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 stock has a market capitalization of $51.76 billion, a price-to-earnings ratio of 39.52, a P/E/G ratio of 2.83 and a beta of 0.84.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to analysts' expectations of $2.19 billion. During the same period in the previous year, the business posted $0.52 earnings per share. The firm's revenue for the quarter was up 12.4% compared to the same quarter last year. On average, research analysts anticipate that Fastenal will post 2.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the company's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of the company's stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the sale, the director owned 50,000 shares of the company's stock, valued at $2,209,500. The trade was a 24.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company's stock.

Institutional Trading of Fastenal

Several institutional investors and hedge funds have recently made changes to their positions in FAST. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter valued at $25,000. Palladiem LLC bought a new stake in shares of Fastenal during the 4th quarter valued at $25,000. MV Capital Management Inc. bought a new stake in shares of Fastenal during the 4th quarter valued at $29,000. SOA Wealth Advisors LLC. raised its position in shares of Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company's stock valued at $30,000 after acquiring an additional 255 shares during the last quarter. Finally, REAP Financial Group LLC bought a new stake in shares of Fastenal during the 3rd quarter valued at $30,000. Institutional investors own 81.38% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.