Fastenal (NASDAQ:FAST) Given New $49.00 Price Target at Robert W. Baird

Fastenal (NASDAQ:FAST) had its price objective trimmed by Robert W. Baird from $53.00 to $49.00 in a research note issued to investors on Tuesday morning,MarketScreener reports. The brokerage currently has an outperform rating on the stock.

FAST has been the subject of several other reports. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Stephens upped their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research report on Thursday, July 3rd. Finally, Loop Capital restated a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fastenal has an average rating of “Hold” and a consensus price target of $46.50.

Fastenal Trading Up 1.0%

NASDAQ FAST opened at $42.75 on Tuesday. The stock has a market capitalization of $49.06 billion, a P/E ratio of 39.95, a P/E/G ratio of 3.84 and a beta of 0.94. Fastenal has a 52-week low of $35.31 and a 52-week high of $50.63. The firm has a 50-day moving average price of $48.15 and a 200 day moving average price of $43.96. The company has a quick ratio of 2.12, a current ratio of 4.26 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 earnings per share. Equities research analysts expect that Fastenal will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is 84.62%.

Insider Activity

In related news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the sale, the executive vice president owned 11,994 shares of the company’s stock, valued at $583,747.98. The trade was a 36.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares in the company, valued at $570,834. This trade represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,230 shares of company stock worth $5,288,364. Corporate insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co boosted its holdings in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after buying an additional 292 shares during the period. Hilltop National Bank acquired a new position in Fastenal during the 2nd quarter valued at about $27,000. Private Wealth Management Group LLC lifted its stake in shares of Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after acquiring an additional 339 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Fastenal in the 2nd quarter worth approximately $27,000. Finally, Armstrong Advisory Group Inc. lifted its stake in shares of Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after acquiring an additional 348 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

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.