Loop Capital Trims Fastenal (NASDAQ:FAST) Target Price to $66.00

Fastenal (NASDAQ:FAST) had its target price trimmed by Loop Capital from $71.00 to $66.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other analysts have also recently weighed in on the stock. HSBC upped their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a hold rating in a research note on Monday. Stifel Nicolaus lifted their price objective on Fastenal from $75.00 to $85.00 and gave the company a buy rating in a report on Monday, March 18th. Finally, Robert W. Baird dropped their target price on Fastenal from $77.00 to $71.00 and set a neutral rating for the company in a report on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal has an average rating of Hold and a consensus price target of $67.67.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $67.50 on Monday. The firm has a market capitalization of $38.63 billion, a PE ratio of 33.42, a PEG ratio of 3.59 and a beta of 1.05. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. Fastenal has a 1-year low of $52.28 and a 1-year high of $79.04. The business’s 50 day moving average is $73.67 and its 200-day moving average is $66.21.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. Sell-side analysts predict that Fastenal will post 2.13 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a dividend of $0.39 per share. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 annualized dividend and a yield of 2.31%. Fastenal’s dividend payout ratio is 77.23%.

Insider Transactions at Fastenal

In other news, VP Charles S. Miller sold 23,590 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $69.25, for a total value of $1,633,607.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, VP Charles S. Miller sold 23,590 shares of Fastenal stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $69.25, for a total value of $1,633,607.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel L. Johnson acquired 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were bought at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the acquisition, the director now owns 10,595 shares in the company, valued at $724,486.10. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 71,640 shares of company stock valued at $5,044,657. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its position in Fastenal by 16.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 36,044 shares of the company’s stock valued at $2,780,000 after buying an additional 5,000 shares during the last quarter. LVW Advisors LLC bought a new stake in shares of Fastenal during the first quarter worth $378,000. Sandy Cove Advisors LLC acquired a new position in shares of Fastenal during the first quarter valued at $923,000. Founders Financial Securities LLC bought a new position in Fastenal in the first quarter valued at about $273,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in Fastenal by 135.2% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 16,607 shares of the company’s stock worth $1,281,000 after purchasing an additional 9,546 shares during the period. Institutional investors 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.