Fastenal (NASDAQ:FAST) Lifted to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Fastenal (NASDAQ:FAST) from an underweight rating to a neutral rating in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has $34.00 price objective on the stock.

FAST has been the topic of several other research reports. ValuEngine raised shares of Fastenal from a sell rating to a hold rating in a research note on Thursday, April 2nd. Morgan Stanley upped their price target on shares of Fastenal from $34.00 to $36.00 and gave the stock an equal weight rating in a report on Thursday, May 7th. BidaskClub upgraded shares of Fastenal from a hold rating to a buy rating in a report on Tuesday, April 28th. Stephens upped their price target on shares of Fastenal from $32.00 to $35.00 and gave the stock an equal weight rating in a report on Wednesday, April 15th. Finally, Wells Fargo & Co upgraded shares of Fastenal from an equal weight rating to an overweight rating and set a $45.00 price target on the stock in a report on Thursday, March 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. Fastenal presently has a consensus rating of Hold and an average target price of $72.10.

Shares of FAST opened at $41.67 on Tuesday. Fastenal has a twelve month low of $26.72 and a twelve month high of $43.20. The company has a market cap of $23.68 billion, a P/E ratio of 29.98, a P/E/G ratio of 3.44 and a beta of 1.20. The company has a current ratio of 4.25, a quick ratio of 1.93 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $40.40 and its 200-day simple moving average is $36.60.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, April 14th. The company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Fastenal had a net margin of 14.83% and a return on equity of 30.71%. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the prior year, the firm posted $0.34 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts predict that Fastenal will post 1.34 earnings per share for the current fiscal year.

In other Fastenal news, VP Leland J. Hein sold 5,473 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $34.84, for a total transaction of $190,679.32. Following the completion of the sale, the vice president now directly owns 10,111 shares of the company’s stock, valued at $352,267.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Leland J. Hein sold 2,500 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $35.50, for a total transaction of $88,750.00. Following the sale, the vice president now directly owns 10,111 shares of the company’s stock, valued at $358,940.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,733 shares of company stock worth $3,997,099. 0.57% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Optimal Asset Management Inc. lifted its position in shares of Fastenal by 183.5% during the first quarter. Optimal Asset Management Inc. now owns 34,221 shares of the company’s stock valued at $1,069,000 after buying an additional 22,151 shares during the last quarter. Morgan Stanley raised its position in shares of Fastenal by 18.8% in the 1st quarter. Morgan Stanley now owns 2,732,144 shares of the company’s stock valued at $85,380,000 after purchasing an additional 432,559 shares during the last quarter. UMB Bank N A MO raised its position in shares of Fastenal by 14.8% in the 1st quarter. UMB Bank N A MO now owns 94,036 shares of the company’s stock valued at $2,939,000 after purchasing an additional 12,091 shares during the last quarter. Tikehau Investment Management raised its position in shares of Fastenal by 1,531.6% in the 1st quarter. Tikehau Investment Management now owns 612,163 shares of the company’s stock valued at $19,130,000 after purchasing an additional 574,644 shares during the last quarter. Finally, Verus Capital Partners LLC raised its position in shares of Fastenal by 37.5% in the 1st quarter. Verus Capital Partners LLC now owns 4,400 shares of the company’s stock valued at $138,000 after purchasing an additional 1,200 shares during the last quarter. 80.06% of the stock is 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, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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