Fastenal (NASDAQ:FAST) Given New $47.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase raised its price target on Fastenal to $47 (from $46) and maintained a neutral rating, a target that implies roughly a 4.77% downside from the prior close.
• Analyst consensus is a Hold with an average price target of $49.17, based on a split of five Buy, six Hold and two Sell ratings.
• Several insiders sold sizable stakes (Scott Satterlee sold 15,964 shares; Reyne K. Wisecup sold 36,920 shares), while institutions boosted positions—Norges Bank opened a ~$646M stake and Wellington added 8.57M shares—leaving about 81.38% of the stock owned by institutions.

Fastenal (NASDAQ:FAST - Get Free Report) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $46.00 to $47.00 in a research report issued on Thursday,MarketScreener reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential downside of 4.77% from the stock's previous close.

A number of other analysts have also weighed in on the company. Robert W. Baird upped their target price on Fastenal from $51.00 to $52.00 and gave the stock an "outperform" rating in a report on Friday, March 6th. Barclays increased their price objective on Fastenal from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, March 6th. Raymond James Financial set a $48.00 price objective on Fastenal in a report on Thursday, March 5th. UBS Group reiterated a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Finally, Morgan Stanley restated a "positive" rating and issued a $45.00 target price on shares of Fastenal in a research note on Thursday, March 5th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $49.17.

Fastenal Stock Performance

NASDAQ:FAST opened at $49.36 on Thursday. The stock has a 50-day simple moving average of $45.88 and a two-hundred day simple moving average of $43.77. Fastenal has a 52-week low of $36.63 and a 52-week high of $50.63. The firm has a market capitalization of $56.68 billion, a PE ratio of 44.76, a P/E/G ratio of 2.94 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the previous year, the business earned $0.46 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. Analysts forecast that Fastenal will post 2.15 EPS for the current year.

Insider Activity at Fastenal

In related news, Director Scott Satterlee sold 15,964 shares of the business'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 completion of the transaction, the director owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Reyne K. Wisecup sold 36,920 shares of the business'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 directly owned 40,000 shares of the company's stock, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Fastenal during the fourth quarter worth about $646,046,000. Wellington Management Group LLP grew its position in Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company's stock worth $485,380,000 after buying an additional 8,574,208 shares during the period. Bank of America Corp DE grew its position in Fastenal by 106.1% during the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock worth $648,118,000 after buying an additional 7,943,217 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Fastenal by 95.1% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,249,443 shares of the company's stock worth $346,476,000 after buying an additional 4,021,541 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Fastenal by 77.7% during the second quarter. Thrivent Financial for Lutherans now owns 6,142,808 shares of the company's stock worth $257,997,000 after buying an additional 2,686,872 shares during the period. 81.38% of the stock is owned by hedge funds and other 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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