Stifel Nicolaus Cuts Fastenal (NASDAQ:FAST) Price Target to $82.00

Fastenal (NASDAQ:FAST) had its price objective reduced by Stifel Nicolaus from $86.00 to $82.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms also recently commented on FAST. Bank of America assumed coverage on shares of Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. UBS Group started coverage on shares of Fastenal in a report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 target price on the stock. Hsbc Global Res lowered Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. Finally, Stephens raised their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $76.91.

Fastenal Price Performance

Shares of FAST stock opened at $75.46 on Tuesday. The firm has a market cap of $43.23 billion, a P/E ratio of 37.54, a P/E/G ratio of 4.24 and a beta of 1.02. The firm has a fifty day moving average of $77.44 and a two-hundred day moving average of $73.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28. Fastenal has a 1-year low of $61.36 and a 1-year high of $84.88.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1,842,560.16 billion. During the same period in the prior year, the firm earned $0.46 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, research analysts anticipate that Fastenal will post 2.16 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be paid a $0.43 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Friday, January 31st. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Activity at Fastenal

In other news, Director Daniel L. Johnson sold 8,474 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total transaction of $706,392.64. Following the completion of the transaction, the director now owns 10,595 shares in the company, valued at approximately $883,199.20. This trade represents a 44.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total transaction of $1,970,441.60. The disclosure for this sale can be found here. Insiders have sold 74,660 shares of company stock worth $6,211,126 over the last quarter. 0.41% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. King Luther Capital Management Corp grew its holdings in shares of Fastenal by 1.6% in the 3rd quarter. King Luther Capital Management Corp now owns 8,664 shares of the company’s stock worth $619,000 after acquiring an additional 136 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in Fastenal by 1.9% in the 3rd quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock worth $545,000 after purchasing an additional 142 shares in the last quarter. HB Wealth Management LLC increased its stake in Fastenal by 1.2% in the 4th quarter. HB Wealth Management LLC now owns 11,674 shares of the company’s stock worth $840,000 after purchasing an additional 142 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Fastenal by 5.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after buying an additional 143 shares in the last quarter. Finally, Compass Ion Advisors LLC boosted its holdings in shares of Fastenal by 1.5% in the third quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock worth $709,000 after buying an additional 146 shares during the period. Institutional investors and hedge funds 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.