Fastenal (NASDAQ:FAST) Reaches New 1-Year High – Here’s Why

Fastenal (NASDAQ:FAST)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $81.45 and last traded at $81.11, with a volume of 68726 shares traded. The stock had previously closed at $78.09.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley boosted their target price on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Robert W. Baird boosted their target price on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 target price (up from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Finally, Stephens boosted their target price on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $73.33.

Fastenal Stock Up 6.8 %

The company’s 50 day simple moving average is $72.35 and its 200-day simple moving average is $68.38. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. The firm has a market capitalization of $47.78 billion, a PE ratio of 38.85, a PEG ratio of 4.58 and a beta of 0.99.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.87%. The ex-dividend date is Friday, October 25th. Fastenal’s payout ratio is 77.61%.

Insider Buying and Selling

In related news, EVP Anthony Paul Broersma sold 680 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total transaction of $52,944.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Anthony Paul Broersma sold 680 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 190,261 shares of company stock worth $13,874,979 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fastenal

Several institutional investors have recently bought and sold shares of the stock. Verdence Capital Advisors LLC boosted its holdings in Fastenal by 1.9% during the 3rd quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock valued at $545,000 after acquiring an additional 142 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock valued at $186,000 after acquiring an additional 143 shares during the period. Compass Ion Advisors LLC boosted its holdings in Fastenal by 1.5% during the 3rd quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company’s stock valued at $709,000 after acquiring an additional 146 shares during the period. Catalina Capital Group LLC raised its position in Fastenal by 4.5% during the 3rd quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock valued at $240,000 after purchasing an additional 146 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. raised its position in Fastenal by 1.1% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock valued at $1,030,000 after purchasing an additional 150 shares during the last quarter. 81.38% of the stock is currently 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.