Fastenal (NASDAQ:FAST) Price Target Raised to $46.00

Key Points

• Analysts at JPMorgan Chase & Co. raised Fastenal's price target from $41.00 to $46.00, indicating a potential downside from the current stock price.
• The stock's average rating is "Hold," with a consensus target price of $46.82 among various research analysts.
• Despite recent price adjustments, Fastenal's quarterly earnings reported a net margin of 15.30% and revenue growth of 8.6% year-over-year.

Fastenal (NASDAQ:FAST - Get Free Report) had its price objective hoisted by stock analysts at JPMorgan Chase & Co. from $41.00 to $46.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 7.32% from the stock's current price.

Several other research analysts have also issued reports on FAST. Stephens upped their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating on the stock. Stifel Nicolaus set a $82.00 target price on Fastenal in a research report on Thursday, July 3rd. Finally, Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $46.82.

Fastenal Stock Up 0.2%

Shares of NASDAQ FAST traded up $0.11 during mid-day trading on Thursday, reaching $49.63. 552,605 shares of the company were exchanged, compared to its average volume of 6,493,284. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The stock has a market cap of $56.96 billion, a price-to-earnings ratio of 47.67, a P/E/G ratio of 4.52 and a beta of 0.97. Fastenal has a 1 year low of $32.04 and a 1 year high of $50.63. The firm has a 50-day moving average of $46.60 and a 200 day moving average of $42.02.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping 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 firm had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same period in the prior year, the business posted $0.25 EPS. The firm's quarterly revenue was up 8.6% on a year-over-year basis. On average, research analysts expect that Fastenal will post 2.15 earnings per share for the current year.

Insider Activity

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,230 shares of company stock valued at $5,288,364. Insiders own 0.37% of the company's stock.

Hedge Funds Weigh In On Fastenal

A number of hedge funds have recently bought and sold shares of FAST. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after acquiring an additional 1,850,871 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Fastenal by 7.5% in the first quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company's stock worth $14,074,000 after acquiring an additional 12,721 shares during the last quarter. KLP Kapitalforvaltning AS boosted its stake in shares of Fastenal by 3.9% in the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock worth $15,180,000 after acquiring an additional 7,400 shares during the last quarter. Raiffeisen Bank International AG boosted its stake in shares of Fastenal by 21.5% in the first quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company's stock worth $2,712,000 after acquiring an additional 6,303 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Fastenal by 23.9% in the first quarter. Deutsche Bank AG now owns 2,459,124 shares of the company's stock worth $190,705,000 after acquiring an additional 473,987 shares during the last quarter. Hedge funds and other institutional investors 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.

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