BidaskClub cut shares of Fastenal (NASDAQ:FAST) from a buy rating to a hold rating in a report published on Friday, May 11th.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Fastenal from a hold rating to a buy rating and set a $60.00 target price on the stock in a research report on Monday, March 26th. Robert W. Baird restated a buy rating and issued a $57.00 price objective on shares of Fastenal in a research report on Tuesday, March 6th. Northcoast Research set a $60.00 price objective on shares of Fastenal and gave the company a buy rating in a research report on Friday, March 2nd. Credit Suisse Group upgraded shares of Fastenal to a buy rating and set a $61.00 price target on the stock in a research report on Thursday, January 18th. Finally, Stephens boosted their price target on shares of Fastenal from $54.00 to $62.00 and gave the company a buy rating in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Fastenal has a consensus rating of Buy and an average target price of $54.07.
Fastenal stock opened at $52.76 on Friday. Fastenal has a 1-year low of $39.79 and a 1-year high of $58.74. The company has a market capitalization of $15.18 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 1.50 and a beta of 1.01. The company has a quick ratio of 2.30, a current ratio of 5.11 and a debt-to-equity ratio of 0.18.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 23rd. Shareholders of record on Wednesday, April 25th will be issued a dividend of $0.37 per share. The ex-dividend date is Tuesday, April 24th. This represents a $1.48 dividend on an annualized basis and a yield of 2.81%. Fastenal’s dividend payout ratio is currently 76.68%.
In related news, insider William Joseph Drazkowski sold 7,500 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $56.64, for a total transaction of $424,800.00. Following the completion of the transaction, the insider now owns 9,460 shares in the company, valued at $535,814.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James C. Jansen sold 29,758 shares of the company’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $52.51, for a total transaction of $1,562,592.58. Following the transaction, the insider now owns 22,588 shares of the company’s stock, valued at approximately $1,186,095.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 2,155 shares of company stock valued at $107,678. 0.56% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Fastenal by 2.8% in the 1st quarter. BlackRock Inc. now owns 19,049,422 shares of the company’s stock worth $1,039,910,000 after acquiring an additional 511,558 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Fastenal by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,263,173 shares of the company’s stock worth $889,434,000 after acquiring an additional 43,229 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Fastenal by 966.5% in the 1st quarter. JPMorgan Chase & Co. now owns 9,852,355 shares of the company’s stock worth $537,841,000 after acquiring an additional 8,928,521 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of Fastenal by 10.4% in the 1st quarter. OppenheimerFunds Inc. now owns 5,384,144 shares of the company’s stock worth $293,921,000 after acquiring an additional 507,464 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Fastenal by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 3,494,513 shares of the company’s stock worth $190,768,000 after acquiring an additional 95,784 shares during the last quarter. Institutional investors and hedge funds own 84.79% 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.
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