Robert W. Baird Cuts Fastenal (NASDAQ:FAST) Price Target to $50.00

Fastenal (NASDAQ:FAST) had its price target reduced by Robert W. Baird from $52.00 to $50.00 in a report published on Tuesday, MarketBeat reports. They currently have an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley restated a “positive” rating and set a $45.00 target price on shares of Fastenal in a research report on Thursday, March 5th. Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. JPMorgan Chase & Co. upped their target price on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.77.

Fastenal Stock Up 0.7%

Shares of NASDAQ:FAST opened at $44.72 on Tuesday. The stock has a market cap of $51.35 billion, a P/E ratio of 39.23, a P/E/G ratio of 2.82 and a beta of 0.84. The firm has a fifty day moving average price of $45.97 and a 200 day moving average price of $43.74. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.41. Fastenal has a 1-year low of $38.97 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the firm posted $0.52 EPS. Fastenal’s quarterly revenue was up 12.4% on a year-over-year basis. Sell-side analysts predict that Fastenal will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal’s dividend payout ratio is currently 84.21%.

Insider Buying and Selling at Fastenal

In related news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Fastenal

Institutional investors have recently bought and sold shares of the business. Evolve Private Wealth LLC raised its stake in shares of Fastenal by 4.7% during the first quarter. Evolve Private Wealth LLC now owns 12,465 shares of the company’s stock valued at $578,000 after purchasing an additional 560 shares during the period. Triad Wealth Partners LLC purchased a new position in shares of Fastenal in the first quarter valued at $208,000. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Fastenal during the 1st quarter valued at $43,694,000. Founders Financial Securities LLC grew its holdings in Fastenal by 13.2% during the 1st quarter. Founders Financial Securities LLC now owns 13,545 shares of the company’s stock valued at $665,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Diversified Trust Co increased its stake in Fastenal by 20.9% during the 1st quarter. Diversified Trust Co now owns 39,567 shares of the company’s stock worth $1,836,000 after buying an additional 6,846 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.