Robert W. Baird Issues Positive Forecast for Fastenal (NASDAQ:FAST) Stock Price

Fastenal (NASDAQ:FAST - Free Report) had its price objective lifted by Robert W. Baird from $43.00 to $47.00 in a research report report published on Tuesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

Several other brokerages have also issued reports on FAST. JPMorgan Chase & Co. increased their price objective on Fastenal from $36.00 to $38.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a report on Monday. Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. Finally, Stephens reiterated an "equal weight" rating on shares of Fastenal in a report on Thursday, July 3rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $45.64.

Fastenal Stock Down 0.1%

Shares of NASDAQ:FAST traded down $0.06 during midday trading on Tuesday, hitting $45.82. 3,551,509 shares of the stock were exchanged, compared to its average volume of 6,028,361. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.14 and a current ratio of 4.22. Fastenal has a 52-week low of $32.04 and a 52-week high of $46.40. The business's fifty day simple moving average is $41.94 and its two-hundred day simple moving average is $39.40. The company has a market capitalization of $52.57 billion, a PE ratio of 44.01, a P/E/G ratio of 4.16 and a beta of 0.96.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the company earned $0.25 earnings per share. Fastenal's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, research analysts predict that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Insider Transactions at Fastenal

In related news, EVP John Lewis Soderberg sold 32,724 shares of Fastenal stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.23, for a total transaction of $1,349,046.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Daniel L. Florness sold 100,000 shares of Fastenal stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $41.06, for a total value of $4,106,000.00. Following the sale, the chief executive officer directly owned 565,036 shares in the company, valued at approximately $23,200,378.16. This trade represents a 15.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,200 shares of company stock valued at $6,675,975 in the last ninety days. 0.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fastenal

A number of institutional investors have recently added to or reduced their stakes in FAST. 1248 Management LLC acquired a new stake in Fastenal during the first quarter valued at approximately $36,000. Horizon Financial Services LLC boosted its holdings in Fastenal by 5,330.0% during the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after purchasing an additional 533 shares in the last quarter. Itau Unibanco Holding S.A. boosted its holdings in Fastenal by 481.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock valued at $44,000 after purchasing an additional 506 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in Fastenal during the first quarter valued at approximately $49,000. Finally, Armstrong Advisory Group Inc. boosted its holdings in Fastenal by 100.0% during the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock valued at $29,000 after purchasing an additional 348 shares in the last quarter. 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.