Robert W. Baird Boosts Fastenal (NASDAQ:FAST) Price Target to $80.00

Fastenal (NASDAQ:FAST) had its price objective lifted by investment analysts at Robert W. Baird from $67.00 to $80.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s price target points to a potential upside of 4.14% from the company’s current price.

Other analysts have also issued reports about the stock. Bank of America started coverage on shares of Fastenal in a research note on Monday, October 7th. They set a “buy” rating and a $85.00 price objective for the company. Stifel Nicolaus restated a “buy” rating and issued a $80.00 price objective (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Jefferies Financial Group cut their target price on 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 initiated coverage on Fastenal in a research note on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price target for the company. Finally, Stephens increased their price objective on Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.22.

Fastenal Stock Performance

Fastenal stock opened at $76.82 on Monday. Fastenal has a twelve month low of $56.41 and a twelve month high of $79.04. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $43.98 billion, a P/E ratio of 38.22, a PEG ratio of 4.13 and a beta of 1.01. The stock’s 50 day moving average is $68.77 and its 200 day moving average is $67.89.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities research analysts predict that Fastenal will post 2.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Institutional Trading of Fastenal

Several hedge funds have recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Fastenal by 5.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company’s stock worth $186,000 after buying an additional 143 shares during the period. Penobscot Investment Management Company Inc. lifted its holdings in Fastenal by 1.1% during the first 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 in the last quarter. Sara Bay Financial boosted its position in shares of Fastenal by 1.3% in the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after purchasing an additional 155 shares during the period. Trueblood Wealth Management LLC increased its stake in shares of Fastenal by 1.4% in the second quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after purchasing an additional 156 shares in the last quarter. Finally, Team Hewins LLC raised its position in shares of Fastenal by 4.8% during the 1st quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock valued at $263,000 after purchasing an additional 157 shares during the period. Institutional investors own 81.38% 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, 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.