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

Fastenal (NASDAQ:FAST) had its price objective upped by investment analysts at Wolfe Research from $74.00 to $76.00 in a report issued on Thursday. The firm presently has an “underweight” rating on the stock. Wolfe Research’s price target points to a potential upside of 1.42% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Bank of America initiated coverage on Fastenal in a research report on Monday, October 7th. They issued a “buy” rating and a $85.00 price target for the company. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Hsbc Global Res downgraded shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Robert W. Baird upped their price objective on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, Stifel Nicolaus lowered Fastenal from a “buy” rating to a “hold” rating and set a $86.00 target price for the company. in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Fastenal has a consensus rating of “Hold” and an average price target of $77.27.

Fastenal Stock Up 0.9 %

NASDAQ:FAST traded up $0.67 during trading hours on Thursday, reaching $74.94. 2,362,644 shares of the company traded hands, 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 50-day moving average price is $78.41 and its two-hundred day moving average price is $72.81. Fastenal has a 1 year low of $61.36 and a 1 year high of $84.88. The stock has a market capitalization of $42.93 billion, a P/E ratio of 37.28, a P/E/G ratio of 3.94 and a beta of 1.02.

Insider Buying and Selling

In other news, Director Rita J. Heise sold 10,888 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $77.67, for a total value of $845,670.96. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at $1,553,400. This trade represents a 35.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.92, for a total value of $1,970,441.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,660 shares of company stock valued at $6,211,126. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Fastenal

Several large investors have recently added to or reduced their stakes in FAST. MassMutual Private Wealth & Trust FSB raised its position in shares of Fastenal by 9.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,500 shares of the company’s stock valued at $180,000 after purchasing an additional 224 shares during the period. UMB Bank n.a. raised its holdings in Fastenal by 139.2% during the fourth quarter. UMB Bank n.a. now owns 119,512 shares of the company’s stock valued at $8,594,000 after acquiring an additional 69,558 shares during the period. Annex Advisory Services LLC raised its holdings in Fastenal by 5.2% during the fourth quarter. Annex Advisory Services LLC now owns 5,537 shares of the company’s stock valued at $398,000 after acquiring an additional 272 shares during the period. Brady Martz Wealth Solutions LLC purchased a new position in shares of Fastenal in the fourth quarter valued at about $723,000. Finally, Joule Financial LLC boosted its stake in shares of Fastenal by 5.6% in the fourth quarter. Joule Financial LLC now owns 4,191 shares of the company’s stock worth $301,000 after acquiring an additional 223 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

About Fastenal

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.