Fastenal (NASDAQ:FAST) Upgraded at BidaskClub

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BidaskClub upgraded shares of Fastenal (NASDAQ:FAST) from a sell rating to a hold rating in a research report report published on Friday, BidAskClub reports.

Several other research firms have also issued reports on FAST. Buckingham Research dropped their price target on shares of Fastenal from $31.00 to $29.00 and set a neutral rating on the stock in a research report on Friday, July 12th. ValuEngine lowered shares of Fastenal from a sell rating to a strong sell rating in a research report on Thursday, May 23rd. Morgan Stanley dropped their price target on shares of Fastenal from $31.50 to $29.00 and set an equal weight rating on the stock in a research report on Friday, July 12th. Raymond James dropped their price target on shares of Fastenal from $39.00 to $37.00 and set a strong-buy rating on the stock in a research report on Friday, July 12th. Finally, Wells Fargo & Co dropped their price target on shares of Fastenal from $35.00 to $30.00 and set a market perform rating on the stock in a research report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $31.36.

Shares of FAST opened at $29.98 on Friday. Fastenal has a 12 month low of $24.00 and a 12 month high of $35.94. The firm has a fifty day simple moving average of $30.84 and a 200 day simple moving average of $50.13. The stock has a market capitalization of $16.79 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.33 and a beta of 1.22. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, July 11th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). Fastenal had a return on equity of 32.27% and a net margin of 14.74%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the company posted $0.37 earnings per share. The business’s revenue was up 7.9% compared to the same quarter last year. As a group, research analysts predict that Fastenal will post 1.38 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, July 25th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Wednesday, July 24th. Fastenal’s payout ratio is presently 66.67%.

In related news, Director Michael J. Ancius acquired 1,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $28.99 per share, with a total value of $28,990.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel L. Johnson acquired 2,500 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was bought at an average cost of $30.49 per share, for a total transaction of $76,225.00. The disclosure for this purchase can be found here. Insiders bought 4,604 shares of company stock worth $138,479 over the last three months. Insiders own 0.62% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of FAST. Farmers & Merchants Investments Inc. grew its stake in shares of Fastenal by 94.0% in the second quarter. Farmers & Merchants Investments Inc. now owns 774 shares of the company’s stock valued at $25,000 after acquiring an additional 375 shares in the last quarter. Investors Research Corp acquired a new position in shares of Fastenal in the first quarter valued at about $26,000. Advisors Preferred LLC acquired a new position in shares of Fastenal in the second quarter valued at about $26,000. Wealthcare Advisory Partners LLC grew its stake in shares of Fastenal by 101.2% in the second quarter. Wealthcare Advisory Partners LLC now owns 843 shares of the company’s stock valued at $27,000 after acquiring an additional 424 shares in the last quarter. Finally, Clarus Wealth Advisors grew its stake in shares of Fastenal by 101.2% in the second quarter. Clarus Wealth Advisors now owns 845 shares of the company’s stock valued at $28,000 after acquiring an additional 425 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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