Fastenal Company (NASDAQ:FAST – Get Free Report) has received an average recommendation of “Hold” from the thirteen ratings firms that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $49.1667.
Several brokerages have recently issued reports on FAST. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Barclays cut their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Morgan Stanley increased their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th.
Fastenal Price Performance
Fastenal (NASDAQ:FAST – Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the business posted $0.29 earnings per share. Fastenal’s revenue was up 14.7% on a year-over-year basis. On average, equities analysts anticipate that Fastenal will post 1.26 EPS for the current year.
Fastenal Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is 88.14%.
Insider Buying and Selling
In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.28% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in FAST. BlackRock Inc. bought a new stake in Fastenal in the 2nd quarter valued at about $5,105,454,000. State Street Corp boosted its position in Fastenal by 1.2% during the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after purchasing an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock worth $1,898,031,000 after purchasing an additional 919,158 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock worth $1,508,216,000 after purchasing an additional 685,047 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. Institutional investors own 81.38% of the company’s stock.
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.
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