Fastenal Company (NASDAQ:FAST) Stock Has Average Price Target of $49.50 According to Analysts

Shares of Fastenal Company (NASDAQ:FAST) have been given an average rating of “Hold” by the thirteen research firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $49.50.

A number of research firms have issued reports on FAST. DA Davidson reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley raised their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. William Blair reiterated an “outperform” rating on shares of Fastenal in a report on Friday, September 4th. Robert W. Baird set a $54.00 price objective on Fastenal in a research report on Friday, August 7th. Finally, Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th.

Fastenal Stock Up 1.3%

Fastenal stock opened at $50.49 on Friday. The firm has a market capitalization of $57.94 billion, a price-to-earnings ratio of 42.79, a PEG ratio of 3.09 and a beta of 0.69. The company’s 50 day simple moving average is $50.17 and its 200 day simple moving average is $47.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal has a fifty-two week low of $38.97 and a fifty-two week high of $52.92.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. As a group, sell-side analysts anticipate that Fastenal will post 1.26 EPS for the current year.

Insider Activity at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Rita Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fastenal

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Fastenal in the second quarter valued at approximately $5,105,454,000. Caisse de depot et placement du Quebec acquired a new position in shares of Fastenal during the 2nd quarter worth approximately $39,417,000. Baird Financial Group Inc. raised its stake in Fastenal by 1.2% in the 2nd quarter. Baird Financial Group Inc. now owns 15,561,007 shares of the company’s stock valued at $747,395,000 after acquiring an additional 183,238 shares during the period. Nykredit A S bought a new stake in Fastenal in the 2nd quarter valued at $11,419,000. Finally, CX Institutional lifted its holdings in Fastenal by 1,073.1% during the 3rd quarter. CX Institutional now owns 203,749 shares of the company’s stock valued at $10,092,000 after purchasing an additional 186,381 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies serving businesses, contractors, manufacturers and other organizations. Its product offerings include fasteners such as bolts, nuts and screws, as well as safety equipment, tools, cutting tools, material-handling products, electrical and plumbing supplies, and maintenance and repair items.

The company sells products through a network of branch locations, onsite customer facilities, industrial vending machines and digital platforms.