Fastenal (NASDAQ:FAST) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Fastenal (NASDAQ:FASTGet Rating) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

FAST has been the subject of several other reports. Wells Fargo & Company raised their target price on shares of Fastenal from $58.00 to $60.00 and gave the company an equal weight rating in a research note on Thursday, April 14th. Morgan Stanley raised their price objective on shares of Fastenal from $53.00 to $56.00 and gave the stock an underweight rating in a research report on Thursday, April 14th. Finally, Robert W. Baird raised their price objective on shares of Fastenal from $64.00 to $66.00 in a research report on Monday, March 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $60.17.

Shares of NASDAQ:FAST opened at $52.69 on Wednesday. Fastenal has a 52-week low of $48.84 and a 52-week high of $64.75. The company has a market capitalization of $30.33 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a 50-day simple moving average of $56.44 and a 200 day simple moving average of $57.62. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.92 and a current ratio of 4.07.

Fastenal (NASDAQ:FASTGet Rating) last issued its earnings results on Wednesday, April 13th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. Fastenal had a net margin of 15.63% and a return on equity of 32.72%. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the business posted $0.37 EPS. Fastenal’s revenue was up 20.3% on a year-over-year basis. As a group, equities analysts forecast that Fastenal will post 1.86 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 25th. Shareholders of record on Wednesday, April 27th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, April 26th. This represents a $1.24 annualized dividend and a yield of 2.35%. Fastenal’s dividend payout ratio (DPR) is presently 72.52%.

In other Fastenal news, Director Michael J. Ancius bought 1,000 shares of the stock in a transaction dated Wednesday, May 11th. The shares were bought at an average cost of $51.00 per share, with a total value of $51,000.00. Following the completion of the acquisition, the director now owns 27,587 shares of the company’s stock, valued at $1,406,937. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael J. Ancius bought 650 shares of the stock in a transaction dated Thursday, April 14th. The shares were acquired at an average cost of $56.41 per share, for a total transaction of $36,666.50. Following the completion of the acquisition, the director now directly owns 25,952 shares of the company’s stock, valued at approximately $1,463,952.32. The disclosure for this purchase can be found here. Insiders have bought 1,885 shares of company stock worth $100,509 over the last ninety days. Insiders own 0.40% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in FAST. Mascoma Wealth Management LLC bought a new position in Fastenal in the fourth quarter valued at approximately $26,000. GHP Investment Advisors Inc. bought a new position in Fastenal in the first quarter valued at approximately $31,000. O Dell Group LLC bought a new position in Fastenal in the first quarter valued at approximately $32,000. Sonora Investment Management LLC increased its stake in Fastenal by 136.7% in the third quarter. Sonora Investment Management LLC now owns 632 shares of the company’s stock valued at $33,000 after acquiring an additional 365 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Fastenal in the fourth quarter valued at approximately $33,000. 77.89% of the stock is currently owned by institutional investors.

About Fastenal (Get Rating)

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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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