Fastenal (NASDAQ:FAST) Upgraded by Wolfe Research to “Peer Perform” Rating

Fastenal (NASDAQ:FAST) was upgraded by research analysts at Wolfe Research from an “underperform” rating to a “peer perform” rating in a research report issued to clients and investors on Thursday, Marketbeat reports.

Other research analysts also recently issued reports about the stock. HSBC downgraded shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target for the company. in a report on Wednesday, December 11th. Hsbc Global Res lowered Fastenal from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 11th. William Blair upgraded Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Stifel Nicolaus lowered their price target on Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Finally, Jefferies Financial Group boosted their price objective on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $76.91.

Fastenal Stock Performance

NASDAQ:FAST opened at $74.42 on Thursday. The business’s fifty day moving average is $75.48 and its 200 day moving average is $76.15. The firm has a market cap of $42.68 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 3.58 and a beta of 1.04. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67. Fastenal has a 52-week low of $61.36 and a 52-week high of $84.88.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the prior year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 3.7% on a year-over-year basis. Research analysts predict that Fastenal will post 2.15 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Sound Financial Strategies Group LLC bought a new position in shares of Fastenal during the 4th quarter valued at $873,000. Matrix Trust Co purchased a new stake in Fastenal during the fourth quarter valued at about $1,756,000. Franklin Resources Inc. grew its stake in shares of Fastenal by 3.8% during the third quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock valued at $350,703,000 after buying an additional 165,423 shares during the last quarter. Czech National Bank increased its holdings in shares of Fastenal by 6.5% in the fourth quarter. Czech National Bank now owns 124,213 shares of the company’s stock worth $8,932,000 after buying an additional 7,559 shares during the period. Finally, Armstrong Henry H Associates Inc. lifted its stake in shares of Fastenal by 29.9% in the 4th quarter. Armstrong Henry H Associates Inc. now owns 36,367 shares of the company’s stock valued at $2,615,000 after acquiring an additional 8,380 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other 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, 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.