Fastenal (NASDAQ:FAST) Stock Price Expected to Rise, Stephens Analyst Says

Fastenal (NASDAQ:FAST - Free Report) had its price objective hoisted by Stephens from $40.00 to $45.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities analysts have also recently commented on FAST. Loop Capital raised their target price on Fastenal from $40.00 to $45.00 and gave the company a "hold" rating in a report on Tuesday, July 8th. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. JPMorgan Chase & Co. increased their price target on Fastenal from $36.00 to $38.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Finally, Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research report on Monday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $45.64.

Fastenal Trading Down 0.1%

Shares of NASDAQ FAST traded down $0.06 during mid-day trading on Tuesday, reaching $45.82. 3,551,509 shares of the company's stock were exchanged, compared to its average volume of 6,028,361. The company's 50-day moving average is $41.94 and its 200-day moving average is $39.40. Fastenal has a 52-week low of $32.04 and a 52-week high of $46.40. The firm has a market capitalization of $52.57 billion, a price-to-earnings ratio of 44.01, a PEG ratio of 4.16 and a beta of 0.96. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.14 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same period last year, the business posted $0.25 EPS. Fastenal's revenue for the quarter was up 8.6% on a year-over-year basis. Analysts expect that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Insiders Place Their Bets

In other news, Director Scott Satterlee sold 19,340 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $39.76, for a total transaction of $768,861.70. Following the sale, the director owned 50,000 shares of the company's stock, valued at approximately $1,987,750. This trade represents a 27.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Lewis Soderberg sold 32,724 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.23, for a total value of $1,349,046.90. The disclosure for this sale can be found here. Insiders sold a total of 163,200 shares of company stock worth $6,675,975 over the last 90 days. Insiders own 0.37% of the company's stock.

Institutional Investors Weigh In On Fastenal

Several hedge funds and other institutional investors have recently made changes to their positions in FAST. OneAscent Financial Services LLC purchased a new position in Fastenal during the 4th quarter worth approximately $338,000. Proficio Capital Partners LLC purchased a new position in Fastenal during the 4th quarter worth approximately $409,000. LPL Financial LLC grew its stake in Fastenal by 3.2% during the 4th quarter. LPL Financial LLC now owns 357,489 shares of the company's stock worth $25,707,000 after buying an additional 10,959 shares during the last quarter. Royal London Asset Management Ltd. grew its stake in Fastenal by 4.8% during the 4th quarter. Royal London Asset Management Ltd. now owns 384,029 shares of the company's stock worth $27,616,000 after buying an additional 17,672 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Fastenal during the 4th quarter worth approximately $662,000. Institutional investors and hedge funds own 81.38% of the company's stock.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.