Fastenal (NASDAQ:FAST) Price Target Cut to $46.00 by Analysts at Barclays

Key Points

• Barclays cut Fastenal’s price target from $47 to $46 while keeping an equal weight rating, implying only modest upside from the current share price.
• Other analysts remain mixed on the stock: the overall consensus rating is Hold, with a consensus price target of $48.50 based on multiple recent analyst updates.
• Fastenal reported Q2 earnings of $0.33 per share, matching estimates, while revenue came in at $2.39 billion, above forecasts and up 14.7% year over year.

Fastenal (NASDAQ:FAST - Get Free Report) had its target price cut by Barclays from $47.00 to $46.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price objective would suggest a potential upside of 1.41% from the company's current price.

A number of other equities research analysts have also recently weighed in on the stock. DA Davidson restated a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday. Bank of America boosted their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Morgan Stanley set a $48.00 price objective on shares of Fastenal and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. boosted their target price on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and a consensus price target of $48.50.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $45.36 on Thursday. The firm's 50 day moving average is $45.64 and its two-hundred day moving average is $45.14. The firm has a market capitalization of $52.08 billion, a P/E ratio of 38.44, a PEG ratio of 2.90 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.34 and a debt-to-equity ratio of 0.01. Fastenal has a 52 week low of $38.97 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the company posted $0.29 EPS. The business's revenue for the quarter was up 14.7% compared to the same quarter last year. Analysts anticipate that Fastenal will post 1.24 earnings per share for the current year.

Institutional Investors Weigh In On Fastenal

Several institutional investors and hedge funds have recently modified their holdings of the business. Fiduciary Financial Group LLC increased its position in Fastenal by 7.6% during the second quarter. Fiduciary Financial Group LLC now owns 8,038 shares of the company's stock worth $386,000 after buying an additional 568 shares during the last quarter. Focus Financial Network Inc. lifted its position in shares of Fastenal by 5.1% in the second quarter. Focus Financial Network Inc. now owns 67,730 shares of the company's stock worth $3,253,000 after buying an additional 3,275 shares during the last quarter. Dudley & Shanley Inc. boosted its stake in shares of Fastenal by 160.7% during the 2nd quarter. Dudley & Shanley Inc. now owns 472,440 shares of the company's stock worth $22,691,000 after acquiring an additional 291,190 shares in the last quarter. Sax Wealth Advisors LLC boosted its stake in shares of Fastenal by 65.4% during the 2nd quarter. Sax Wealth Advisors LLC now owns 9,262 shares of the company's stock worth $430,000 after acquiring an additional 3,663 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its holdings in shares of Fastenal by 8.8% during the 2nd quarter. Valeo Financial Advisors LLC now owns 14,291 shares of the company's stock valued at $686,000 after acquiring an additional 1,155 shares during the last quarter. Institutional investors and hedge funds 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.

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