Fastenal (FAST) Shares Gap Down to $54.41

Fastenal (NASDAQ:FAST)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $55.24, but opened at $54.41. Fastenal shares last traded at $55.01, with a volume of 1307072 shares changing hands.

Several research firms recently commented on FAST. BMO Capital Markets reiterated a “hold” rating and issued a $57.00 price objective on shares of Fastenal in a research note on Tuesday. Stephens set a $54.00 price objective on Fastenal and gave the company a “buy” rating in a research note on Wednesday, October 11th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Thursday, January 4th. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $51.00 price objective on shares of Fastenal in a research note on Monday, December 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $52.93.

The company has a market cap of $15,832.34, a PE ratio of 29.30, a PEG ratio of 1.85 and a beta of 1.09. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21.

Fastenal (NASDAQ:FAST) last posted its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.50. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share. equities analysts expect that Fastenal will post 1.93 earnings per share for the current year.

In other news, insider Gary A. Polipnick sold 2,634 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $53.45, for a total value of $140,787.30. Following the transaction, the insider now owns 59,323 shares of the company’s stock, valued at $3,170,814.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Leland J. Hein sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.74, for a total transaction of $487,400.00. Following the completion of the transaction, the insider now directly owns 20,258 shares in the company, valued at approximately $987,374.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,746 shares of company stock worth $4,020,619. Insiders own 0.55% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in FAST. Federated Investors Inc. PA increased its holdings in shares of Fastenal by 247.4% in the second quarter. Federated Investors Inc. PA now owns 7,053 shares of the company’s stock worth $307,000 after purchasing an additional 5,023 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of Fastenal by 32.5% in the second quarter. Oppenheimer & Co. Inc. now owns 12,189 shares of the company’s stock worth $531,000 after purchasing an additional 2,989 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Fastenal by 280.3% in the second quarter. JPMorgan Chase & Co. now owns 245,340 shares of the company’s stock worth $10,681,000 after purchasing an additional 180,836 shares during the period. Schroder Investment Management Group increased its holdings in shares of Fastenal by 43.4% in the second quarter. Schroder Investment Management Group now owns 125,739 shares of the company’s stock worth $5,348,000 after purchasing an additional 38,083 shares during the period. Finally, Tredje AP fonden increased its holdings in shares of Fastenal by 4.5% in the second quarter. Tredje AP fonden now owns 5,560 shares of the company’s stock worth $242,000 after purchasing an additional 240 shares during the period. 84.54% of the stock is currently owned by hedge funds and other institutional investors.

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About Fastenal

Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.

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