Morgan Stanley Cuts Fastenal (NASDAQ:FAST) Price Target to $38.00

Fastenal (NASDAQ:FAST - Get Free Report) had its price target dropped by equities research analysts at Morgan Stanley from $76.00 to $38.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price target would suggest a potential downside of 53.35% from the company's previous close.

A number of other equities analysts have also issued reports on the company. Stephens increased their price objective on Fastenal from $37.50 to $40.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 15th. Robert W. Baird increased their price target on Fastenal from $40.00 to $43.00 and gave the stock a "neutral" rating in a research note on Monday, April 14th. William Blair upgraded shares of Fastenal from a "market perform" rating to an "outperform" rating in a research note on Monday, March 10th. Finally, Wolfe Research upgraded shares of Fastenal from an "underperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Fastenal currently has an average rating of "Hold" and an average price target of $39.55.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $81.46 on Thursday. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03. The firm has a 50-day simple moving average of $78.76 and a 200 day simple moving average of $77.54. Fastenal has a fifty-two week low of $30.68 and a fifty-two week high of $78.85. The company has a market cap of $46.73 billion, a PE ratio of 40.53, a P/E/G ratio of 3.58 and a beta of 1.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same period last year, the firm posted $0.26 EPS. Fastenal's quarterly revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Fastenal will post 2.15 EPS for the current year.

Insider Buying and Selling

In related news, EVP William Joseph Drazkowski sold 30,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $40.66, for a total value of $1,219,650.00. Following the completion of the transaction, the executive vice president now owns 11,994 shares in the company, valued at $487,616.07. This trade represents a 71.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Anthony Paul Broersma sold 11,136 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $40.60, for a total transaction of $452,065.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,200 shares of company stock worth $7,895,625. Corporate insiders own 0.37% of the company's stock.

Institutional Trading of Fastenal

Large investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Fastenal by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after buying an additional 130 shares in the last quarter. Anchor Investment Management LLC grew its stake in Fastenal by 3.4% during the 4th quarter. Anchor Investment Management LLC now owns 4,134 shares of the company's stock valued at $297,000 after acquiring an additional 135 shares in the last quarter. Welch & Forbes LLC increased its holdings in shares of Fastenal by 0.4% in the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock valued at $2,559,000 after purchasing an additional 135 shares during the period. Principal Securities Inc. lifted its position in shares of Fastenal by 0.9% in the first quarter. Principal Securities Inc. now owns 15,886 shares of the company's stock worth $1,142,000 after purchasing an additional 140 shares in the last quarter. Finally, Salvus Wealth Management LLC boosted its holdings in shares of Fastenal by 1.6% during the first quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company's stock worth $698,000 after purchasing an additional 141 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

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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