Robert W. Baird Lowers Fastenal (NASDAQ:FAST) Price Target to $71.00

Fastenal (NASDAQ:FAST - Free Report) had its price target cut by Robert W. Baird from $77.00 to $71.00 in a research note released on Friday, Benzinga reports. They currently have a neutral rating on the stock.

Separately, Stifel Nicolaus increased their target price on shares of Fastenal from $75.00 to $85.00 and gave the company a buy rating in a research report on Monday, March 18th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $67.00.

Fastenal Price Performance

Shares of FAST traded up $0.57 during mid-day trading on Friday, hitting $70.45. 6,026,976 shares of the company were exchanged, compared to its average volume of 4,069,160. The stock has a market cap of $40.31 billion, a price-to-earnings ratio of 34.96, a price-to-earnings-growth ratio of 3.86 and a beta of 1.05. Fastenal has a 1-year low of $50.30 and a 1-year high of $79.04. The company has a 50 day moving average of $73.74 and a 200-day moving average of $65.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.27 and a current ratio of 4.57.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its earnings results on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing analysts' consensus estimates of $0.53 by ($0.01). Fastenal had a net margin of 15.72% and a return on equity of 34.31%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the company earned $0.52 EPS. Fastenal's revenue was up 1.9% compared to the same quarter last year. Analysts expect that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Wednesday, April 24th. Fastenal's dividend payout ratio (DPR) is presently 77.23%.

Insider Activity

In related news, insider William Joseph Drazkowski sold 11,968 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the transaction, the insider now directly owns 5,997 shares in the company, valued at $414,392.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Anthony Paul Broersma sold 5,586 shares of the firm's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total transaction of $387,333.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Joseph Drazkowski sold 11,968 shares of the business's stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the sale, the insider now owns 5,997 shares in the company, valued at approximately $414,392.70. The disclosure for this sale can be found here. Insiders sold a total of 105,682 shares of company stock valued at $7,375,853 in the last 90 days. Company insiders own 0.41% of the company's stock.

Institutional Trading of Fastenal

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP grew its holdings in shares of Fastenal by 62.3% in the fourth quarter. Quarry LP now owns 409 shares of the company's stock valued at $26,000 after purchasing an additional 157 shares in the last quarter. Hartford Financial Management Inc. increased its position in shares of Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company's stock worth $31,000 after acquiring an additional 153 shares during the period. Resurgent Financial Advisors LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Fastenal in the fourth quarter valued at $35,000. Finally, Sunbelt Securities Inc. grew its stake in Fastenal by 131.7% during the 2nd quarter. Sunbelt Securities Inc. now owns 600 shares of the company's stock worth $35,000 after purchasing an additional 341 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

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.