Fastenal (NASDAQ:FAST) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Fastenal (NASDAQ:FAST) have received a consensus recommendation of “Reduce” from the eleven brokerages that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $76.91.

FAST has been the subject of a number of research reports. Stifel Nicolaus reduced their price target on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Wolfe Research increased their price target on Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. UBS Group began coverage on Fastenal in a research report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price on the stock. Jefferies Financial Group boosted their price target on shares of Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Hsbc Global Res downgraded shares of Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new position in shares of Fastenal in the 3rd quarter worth about $25,000. Knuff & Co LLC purchased a new position in Fastenal in the third quarter valued at about $27,000. First Personal Financial Services purchased a new position in Fastenal in the third quarter valued at about $36,000. Itau Unibanco Holding S.A. raised its holdings in shares of Fastenal by 481.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company’s stock worth $44,000 after purchasing an additional 506 shares during the period. Finally, OFI Invest Asset Management purchased a new position in Fastenal in the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

FAST stock opened at $74.49 on Thursday. The firm has a market cap of $42.72 billion, a PE ratio of 37.06, a price-to-earnings-growth ratio of 3.58 and a beta of 1.02. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The stock has a 50-day moving average price of $74.06 and a 200-day moving average price of $74.82. Fastenal has a 1-year low of $61.36 and a 1-year high of $84.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. Fastenal’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. As a group, equities research analysts expect that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were issued a $0.43 dividend. The ex-dividend date of this dividend was Friday, January 31st. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a dividend yield of 2.31%. Fastenal’s dividend payout ratio is currently 85.57%.

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.