Fastenal Company (NASDAQ:FAST) Given Consensus Recommendation of “Hold” by Brokerages

Fastenal Company (NASDAQ:FAST) has earned a consensus recommendation of “Hold” from the thirteen analysts that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $48.8333.

Several brokerages recently commented on FAST. Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Bank of America lifted their price objective on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Finally, Robert W. Baird decreased their price target on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th.

Fastenal Trading Up 1.8%

Shares of NASDAQ FAST opened at $46.15 on Friday. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company has a market cap of $52.96 billion, a PE ratio of 39.11, a P/E/G ratio of 2.84 and a beta of 0.72. The company has a 50-day moving average of $45.85 and a two-hundred day moving average of $45.34. Fastenal has a 1-year low of $38.97 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the business earned $0.29 earnings per share. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. As a group, equities analysts expect that Fastenal will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is presently 81.36%.

Institutional Investors Weigh In On Fastenal

A number of hedge funds have recently added to or reduced their stakes in FAST. Wiregrass Investment Management LLC bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $1,020,000. Assenagon Asset Management S.A. increased its position in Fastenal by 20.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock worth $13,173,000 after buying an additional 55,191 shares during the last quarter. Swiss Life Asset Management Ltd lifted its stake in shares of Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after buying an additional 39,406 shares in the last quarter. LBP AM SA boosted its stake in Fastenal by 11.8% in the 4th quarter. LBP AM SA now owns 232,847 shares of the company’s stock worth $9,344,000 after purchasing an additional 24,536 shares during the period. Finally, Fideuram Asset Management Ireland dac purchased a new stake in Fastenal in the 4th quarter worth approximately $4,041,000. 81.38% of the stock is currently owned by institutional investors.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.