Robert W. Baird Lowers Fastenal (NASDAQ:FAST) Price Target to $69.00

Fastenal (NASDAQ:FAST - Free Report) had its price objective lowered by Robert W. Baird from $71.00 to $69.00 in a research report report published on Tuesday morning, Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

A number of other equities research analysts also recently commented on FAST. Stifel Nicolaus lifted their target price on shares of Fastenal from $75.00 to $85.00 and gave the stock a buy rating in a research report on Monday, March 18th. HSBC upped their price objective on Fastenal from $59.00 to $64.00 and gave the company a hold rating in a research report on Monday, April 15th. Finally, Loop Capital lowered their target price on Fastenal from $71.00 to $66.00 and set a hold rating on the stock in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $67.33.

Fastenal Stock Performance

Shares of NASDAQ:FAST traded down $0.33 during midday trading on Tuesday, reaching $66.41. 4,535,180 shares of the company's stock traded hands, compared to its average volume of 3,964,638. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. Fastenal has a one year low of $52.86 and a one year high of $79.04. The company has a market cap of $38.02 billion, a price-to-earnings ratio of 32.88, a P/E/G ratio of 3.58 and a beta of 1.07. The stock has a 50 day moving average of $72.87 and a 200 day moving average of $67.29.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the company posted $0.52 EPS. Fastenal's revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that Fastenal will post 2.12 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a yield of 2.35%. Fastenal's dividend payout ratio is currently 77.23%.

Insider Activity at Fastenal

In related news, VP Charles S. Miller sold 11,076 shares of the business's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $75.16, for a total transaction of $832,472.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastenal news, Director Daniel L. Johnson acquired 3,350 shares of the stock in a transaction dated Wednesday, April 17th. The shares were acquired at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the transaction, the director now directly owns 10,595 shares of the company's stock, valued at $724,486.10. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Charles S. Miller sold 11,076 shares of the company's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $75.16, for a total value of $832,472.16. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Fastenal by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,122 shares of the company's stock valued at $7,383,000 after buying an additional 3,359 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in shares of Fastenal by 4.1% in the 3rd quarter. IFM Investors Pty Ltd now owns 110,695 shares of the company's stock valued at $6,048,000 after acquiring an additional 4,359 shares during the last quarter. NBT Bank N A NY purchased a new position in Fastenal in the third quarter worth about $640,000. Advisor Partners II LLC increased its stake in Fastenal by 4.2% during the third quarter. Advisor Partners II LLC now owns 21,286 shares of the company's stock worth $1,163,000 after acquiring an additional 856 shares during the last quarter. Finally, Graypoint LLC raised its position in Fastenal by 41.9% during the third quarter. Graypoint LLC now owns 6,442 shares of the company's stock valued at $352,000 after purchasing an additional 1,903 shares during the period. 81.38% of the stock is 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.