Wolfe Research Boosts Fastenal (NASDAQ:FAST) Price Target to $76.00

Fastenal (NASDAQ:FAST) had its price target upped by Wolfe Research from $74.00 to $76.00 in a note issued to investors on Thursday. The brokerage presently has an “underweight” rating on the stock. Wolfe Research’s price objective indicates a potential upside of 1.42% from the company’s current price.

Several other analysts have also recently weighed in on FAST. Stephens raised their price objective on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Morgan Stanley lifted their price target on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Robert W. Baird raised their price objective on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. boosted their target price on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Finally, HSBC cut shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target on the stock. in a research report on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $77.27.

Fastenal Price Performance

Shares of NASDAQ FAST traded up $0.67 during midday trading on Thursday, hitting $74.94. 2,362,644 shares of the company’s stock were exchanged, compared to its average volume of 2,722,122. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The business’s fifty day moving average price is $78.41 and its two-hundred day moving average price is $72.81. The company has a market cap of $42.93 billion, a price-to-earnings ratio of 37.28, a PEG ratio of 3.94 and a beta of 1.02. Fastenal has a 12-month low of $61.36 and a 12-month high of $84.88.

Insider Activity

In other news, CEO Daniel L. Florness sold 31,818 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $24,168,521. The trade was a 10.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 10,888 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $77.67, for a total value of $845,670.96. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $1,553,400. The trade was a 35.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,660 shares of company stock valued at $6,211,126. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Aaron Wealth Advisors LLC bought a new stake in Fastenal during the 3rd quarter valued at approximately $310,000. Comgest Global Investors S.A.S. boosted its position in shares of Fastenal by 73.0% during the third quarter. Comgest Global Investors S.A.S. now owns 87,081 shares of the company’s stock valued at $6,219,000 after purchasing an additional 36,742 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Fastenal by 1.8% in the third quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company’s stock worth $26,373,000 after purchasing an additional 6,488 shares during the period. Franklin Resources Inc. raised its holdings in Fastenal by 3.8% in the third quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock worth $350,703,000 after purchasing an additional 165,423 shares in the last quarter. Finally, Matrix Trust Co bought a new position in Fastenal in the fourth quarter worth $1,756,000. Hedge funds and other 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.