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

Key Points

• Robert W. Baird has lowered its price target for Fastenal's stock from $53.00 to $49.00, while maintaining an "outperform" rating, indicating a potential upside of 15.76% from the current price.
• Fastenal's recent earnings report revealed $0.29 EPS, slightly missing analysts' estimates, although revenue for the quarter matched the consensus forecast of $2.13 billion.
• Insider trading activity includes significant sales from CFO Sheryl Ann Lisowski and insider Jeffery Michael Watts, indicating a decrease in their holdings.

Fastenal (NASDAQ:FAST - Get Free Report) had its price target lowered by analysts at Robert W. Baird from $53.00 to $49.00 in a report issued on Tuesday,MarketScreener reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's price objective indicates a potential upside of 15.76% from the company's current price.

Other equities research analysts have also issued research reports about the stock. Wolfe Research restated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Stephens upped their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $46.50.

Fastenal Trading Down 7.5%

Fastenal stock opened at $42.33 on Tuesday. Fastenal has a 12-month low of $35.31 and a 12-month high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The stock has a market capitalization of $48.58 billion, a PE ratio of 40.70, a price-to-earnings-growth ratio of 4.15 and a beta of 0.94. The firm has a 50 day simple moving average of $48.20 and a 200-day simple moving average of $43.97.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business's revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.26 earnings per share. As a group, equities research analysts expect that Fastenal will post 2.15 EPS for the current fiscal year.

Insider Activity

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer directly owned 10,192 shares in the company, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider owned 11,880 shares of the company's stock, valued at $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock valued at $5,288,364 in the last quarter. 0.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fastenal

Large investors have recently added to or reduced their stakes in the company. 1248 Management LLC bought a new position in Fastenal in the first quarter worth $36,000. Horizon Financial Services LLC grew its stake in shares of Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after purchasing an additional 533 shares during the period. Riverview Trust Co grew its stake in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after purchasing an additional 292 shares during the period. Zions Bancorporation National Association UT acquired a new position in shares of Fastenal in the 1st quarter worth approximately $49,000. Finally, Private Wealth Management Group LLC lifted its position in shares of Fastenal by 111.9% during the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock worth $27,000 after buying an additional 339 shares during the period. 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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