Stifel Nicolaus Reaffirms “Buy” Rating for Fastenal (NASDAQ:FAST)

Stifel Nicolaus reaffirmed their buy rating on shares of Fastenal (NASDAQ:FAST) in a report issued on Monday morning, Benzinga reports. They currently have a $80.00 price objective on the stock, down from their previous price objective of $85.00.

Other equities analysts have also recently issued reports about the company. Robert W. Baird cut their price target on Fastenal from $71.00 to $69.00 and set a neutral rating for the company in a report on Tuesday, May 7th. Loop Capital cut their target price on shares of Fastenal from $71.00 to $66.00 and set a hold rating for the company in a research note on Monday, April 15th. HSBC raised their price target on shares of Fastenal from $59.00 to $64.00 and gave the stock a hold rating in a research note on Monday, April 15th. Finally, Jefferies Financial Group cut their price objective on shares of Fastenal from $74.00 to $65.00 and set a hold rating for the company in a research report on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $66.67.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $69.99 on Monday. The company has a current ratio of 4.39, a quick ratio of 2.49 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $65.01 and its 200 day moving average price is $68.59. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The stock has a market cap of $40.07 billion, a price-to-earnings ratio of 34.82, a PEG ratio of 3.66 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the business earned $0.52 earnings per share. The company’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, research analysts forecast that Fastenal will post 2.06 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Thursday, July 25th. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu purchased 500 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the transaction, the director now owns 3,500 shares of the company’s stock, valued at approximately $221,480. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Hsenghung Sam Hsu bought 500 shares of Fastenal stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James C. Jansen sold 11,428 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total value of $732,191.96. Following the sale, the executive vice president now owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Central Valley Advisors LLC acquired a new stake in shares of Fastenal in the second quarter worth $28,000. Hartford Financial Management Inc. lifted its stake in shares of Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after purchasing an additional 153 shares in the last quarter. MCF Advisors LLC lifted its stake in shares of Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Fastenal in the fourth quarter valued at about $35,000. Finally, LRI Investments LLC purchased a new stake in shares of Fastenal during the 1st quarter valued at about $39,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

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.