Fastenal (NASDAQ:FAST) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
FAST has been the topic of several other research reports. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Wednesday, October 31st. Longbow Research cut shares of Fastenal from a “buy” rating to a “neutral” rating in a research report on Tuesday. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Buckingham Research assumed coverage on shares of Fastenal in a research report on Monday, October 22nd. They set a “neutral” rating and a $50.00 price target on the stock. Finally, Wells Fargo & Co set a $50.00 price target on shares of Fastenal and gave the stock a “hold” rating in a research report on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Fastenal presently has a consensus rating of “Hold” and a consensus price target of $57.00.
NASDAQ:FAST opened at $57.30 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48. The stock has a market capitalization of $16.44 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 1.58 and a beta of 1.08. Fastenal has a 1-year low of $47.37 and a 1-year high of $61.14.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up 13.0% compared to the same quarter last year. As a group, sell-side analysts expect that Fastenal will post 2.59 earnings per share for the current fiscal year.
In other Fastenal news, CEO Daniel L. Florness acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were purchased at an average price of $51.95 per share, for a total transaction of $103,900.00. Following the completion of the purchase, the chief executive officer now directly owns 99,845 shares in the company, valued at $5,186,947.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael John Dolan sold 5,000 shares of the stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now owns 15,000 shares in the company, valued at approximately $900,000. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 5,795 shares of company stock worth $299,849. 0.56% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Delta Asset Management LLC TN increased its stake in shares of Fastenal by 3,540.7% in the third quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock valued at $182,000 after purchasing an additional 3,045 shares during the period. Canton Hathaway LLC acquired a new stake in shares of Fastenal in the third quarter valued at approximately $186,000. Twin Tree Management LP acquired a new stake in shares of Fastenal in the second quarter valued at approximately $203,000. Meyer Handelman Co. acquired a new stake in shares of Fastenal in the third quarter valued at approximately $203,000. Finally, Stonebridge Capital Advisors LLC acquired a new stake in shares of Fastenal in the third quarter valued at approximately $214,000. Hedge funds and other institutional investors own 85.23% 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, 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.
Featured Article: How to Track your Portfolio in Google Finance
To view ValuEngine’s full report, visit ValuEngine’s official website.