Fastenal (NASDAQ:FAST) Given New $76.00 Price Target at Wolfe Research

Fastenal (NASDAQ:FAST) had its target price raised by Wolfe Research from $74.00 to $76.00 in a report released on Thursday. They currently have an underweight rating on the stock.

Other equities analysts also recently issued reports about the stock. Bank of America began coverage on shares of Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 target price for the company. Stephens raised their price objective on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Robert W. Baird upped their target price on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. UBS Group started coverage on Fastenal in a report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price on the stock. Finally, HSBC cut 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. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average price target of $77.27.

Fastenal Stock Up 0.7 %

Fastenal stock opened at $74.77 on Thursday. The firm has a market capitalization of $42.83 billion, a price-to-earnings ratio of 37.20, a price-to-earnings-growth ratio of 3.94 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. Fastenal has a fifty-two week low of $61.36 and a fifty-two week high of $84.88. The stock’s fifty day moving average is $78.23 and its two-hundred day moving average is $72.82.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be paid a $0.43 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a yield of 2.30%. Fastenal’s dividend payout ratio is presently 77.61%.

Insiders Place Their Bets

In related news, Director Daniel L. Johnson sold 8,474 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.36, for a total transaction of $706,392.64. Following the completion of the transaction, the director now owns 10,595 shares of the company’s stock, valued at approximately $883,199.20. This represents a 44.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Charles S. Miller sold 23,480 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total transaction of $1,970,441.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,660 shares of company stock valued at $6,211,126. Insiders own 0.41% of the company’s stock.

Institutional Trading of Fastenal

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in Fastenal during the third quarter valued at about $25,000. Knuff & Co LLC acquired a new position in shares of Fastenal in the 3rd quarter valued at about $27,000. Moisand Fitzgerald Tamayo LLC grew its holdings in shares of Fastenal by 1,019.0% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after purchasing an additional 428 shares during the period. First Personal Financial Services acquired a new stake in Fastenal during the 3rd quarter worth approximately $36,000. Finally, CVA Family Office LLC raised its holdings in Fastenal by 51.0% in the third quarter. CVA Family Office LLC now owns 533 shares of the company’s stock valued at $38,000 after buying an additional 180 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

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.