HSBC Boosts Fastenal (NASDAQ:FAST) Price Target to $64.00

Fastenal (NASDAQ:FAST) had its price target raised by equities researchers at HSBC from $59.00 to $64.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the stock. HSBC’s price objective points to a potential downside of 9.16% from the company’s previous close.

Several other analysts have also issued reports on FAST. Stifel Nicolaus upped their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Robert W. Baird cut their price objective on Fastenal from $77.00 to $71.00 and set a “neutral” rating for the company in a report on Friday. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.00.

Fastenal Price Performance

NASDAQ FAST opened at $70.45 on Monday. The firm’s 50 day moving average is $73.74 and its 200-day moving average is $65.98. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $40.31 billion, a PE ratio of 34.88, a price-to-earnings-growth ratio of 3.64 and a beta of 1.05. Fastenal has a 12-month low of $50.30 and a 12-month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Equities research analysts anticipate that Fastenal will post 2.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Fastenal

In other news, VP Charles S. Miller sold 23,590 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $69.25, for a total transaction of $1,633,607.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Charles S. Miller sold 23,590 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $69.25, for a total value of $1,633,607.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Reyne K. Wisecup sold 34,042 shares of the business’s stock in a transaction on Friday, January 19th. The shares were sold at an average price of $68.48, for a total value of $2,331,196.16. Following the completion of the sale, the director now owns 20,000 shares of the company’s stock, valued at $1,369,600. The disclosure for this sale can be found here. Insiders have sold a total of 105,682 shares of company stock worth $7,375,853 over the last ninety days. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

A number of hedge funds have recently bought and sold shares of FAST. Quarry LP boosted its holdings in Fastenal by 62.3% in the 4th quarter. Quarry LP now owns 409 shares of the company’s stock valued at $26,000 after purchasing an additional 157 shares during the period. Hartford Financial Management Inc. grew its position in Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after buying an additional 153 shares in the last quarter. Resurgent Financial Advisors LLC bought a new position in Fastenal during the 4th quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Fastenal in the 4th quarter valued at $35,000. Finally, Sunbelt Securities Inc. lifted its position in shares of Fastenal by 131.7% during the 2nd quarter. Sunbelt Securities Inc. now owns 600 shares of the company’s stock valued at $35,000 after acquiring an additional 341 shares during the period. 81.38% of the stock is owned by institutional investors.

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.