Fastenal Company (NASDAQ:FAST) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Fastenal has a consensus “Hold” rating among 13 analysts, with two sell, six hold and five buy ratings. The average 12-month price target is $49.17, below the reported opening price of $52.22.
• Fastenal’s latest quarterly results met expectations, with earnings per share of $0.33 and revenue of $2.39 billion, up 14.7% year over year. Analysts expect full-year earnings of approximately $1.26 per share.
• The company raised its quarterly dividend to $0.26 per share, up from $0.24, representing a 2.0% annualized yield; meanwhile, two directors recently sold shares.

Shares of Fastenal Company (NASDAQ:FAST - Get Free Report) have been given an average rating of "Hold" by the thirteen ratings firms that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $49.1667.

A number of equities analysts have commented on the stock. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. Jefferies Financial Group restated a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Wolfe Research restated an "underperform" rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Weiss Ratings lowered shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Finally, DA Davidson reissued a "neutral" rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th.

Fastenal Stock Performance

NASDAQ:FAST opened at $52.22 on Thursday. The firm's fifty day simple moving average is $47.30 and its 200 day simple moving average is $46.01. The firm has a market capitalization of $59.92 billion, a price-to-earnings ratio of 44.25, a PEG ratio of 3.27 and a beta of 0.72. Fastenal has a twelve month low of $38.97 and a twelve month high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company's revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. As a group, equities research analysts expect that Fastenal will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date of this dividend 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 2.0%. Fastenal's dividend payout ratio (DPR) is currently 88.14%.

Insider Transactions at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction that occurred 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 completion of the transaction, the director owned 20,000 shares of the company's stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company's stock.

Institutional Trading of Fastenal

Large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC acquired a new position in shares of Fastenal in the 4th quarter valued at $496,000. Integrated Wealth Concepts LLC boosted its holdings in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after purchasing an additional 147 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Fastenal during the 2nd quarter valued at $158,000. Jump Financial LLC acquired a new stake in Fastenal during the second quarter valued at $2,199,000. Finally, Cary Street Partners Financial LLC grew its stake in shares of Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock valued at $141,000 after buying an additional 1,771 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Company Profile

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.

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