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

Fastenal (NASDAQ:FAST - Get Free Report) had its price target increased by equities research analysts at Morgan Stanley from $38.00 to $40.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's price objective points to a potential downside of 1.65% from the stock's current price.

Other analysts also recently issued reports about the company. Robert W. Baird upped their price objective on Fastenal from $40.00 to $43.00 and gave the company a "neutral" rating in a research report on Monday, April 14th. Wolfe Research upgraded shares of Fastenal from an "underperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. William Blair raised shares of Fastenal from a "market perform" rating to an "outperform" rating in a research note on Monday, March 10th. Finally, Stephens boosted their price objective on shares of Fastenal from $37.50 to $40.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $39.75.

Fastenal Stock Performance

NASDAQ FAST traded down $0.05 during trading hours on Friday, hitting $40.67. 709,004 shares of the stock were exchanged, compared to its average volume of 6,168,468. Fastenal has a 12-month low of $30.68 and a 12-month high of $42.44. The stock has a 50-day moving average of $39.44 and a 200 day moving average of $38.78. The company has a market cap of $23.33 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 3.58 and a beta of 1.01. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.26. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.94 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The business's revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 EPS. As a group, equities research analysts forecast that Fastenal will post 2.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Anthony Paul Broersma sold 11,136 shares of the stock in a transaction on Friday, April 25th. The shares were sold at an average price of $40.60, for a total value of $452,065.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Lewis Soderberg sold 32,724 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were 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 have sold a total of 193,200 shares of company stock valued at $7,895,625 over the last quarter. Company insiders own 0.37% of the company's stock.

Institutional Investors Weigh In On Fastenal

Large investors have recently modified their holdings of the stock. 1248 Management LLC acquired a new position in shares of Fastenal during the first quarter worth $36,000. Horizon Financial Services LLC increased its stake in Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after buying an additional 533 shares during the period. Itau Unibanco Holding S.A. lifted its holdings in Fastenal by 481.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock worth $44,000 after buying an additional 506 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in Fastenal in the 1st quarter valued at about $49,000. Finally, OFI Invest Asset Management purchased a new position in Fastenal in the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Company Profile

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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