Fastenal (NASDAQ:FAST) had its price target lowered by equities research analysts at Morgan Stanley from $31.50 to $29.00 in a report released on Friday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 6.30% from the company’s current price.

Several other brokerages have also issued reports on FAST. Northcoast Research lowered Fastenal from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. BidaskClub upgraded Zebra Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 6th. Buckingham Research set a $31.00 target price on Fastenal and gave the company a “neutral” rating in a research report on Friday, June 14th. William Blair restated a “market perform” rating on shares of Luminex in a research report on Tuesday, May 7th. Finally, Zacks Investment Research upgraded Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Fastenal has a consensus rating of “Hold” and a consensus target price of $31.31.

Shares of NASDAQ:FAST opened at $30.95 on Friday. Fastenal has a 1 year low of $24.00 and a 1 year high of $35.94. The company’s 50 day simple moving average is $31.78. The stock has a market capitalization of $17.38 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 1.35 and a beta of 1.25. The company has a quick ratio of 1.97, a current ratio of 4.68 and a debt-to-equity ratio of 0.25.

Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, July 11th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the firm earned $0.37 EPS. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. Analysts expect that Fastenal will post 1.41 earnings per share for the current fiscal year.

In related news, CEO Daniel L. Florness sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $70.75, for a total value of $1,415,000.00. Following the completion of the sale, the chief executive officer now owns 109,845 shares in the company, valued at $7,771,533.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Willard D. Oberton sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $70.85, for a total value of $1,771,250.00. The disclosure for this sale can be found here. Insiders sold 163,470 shares of company stock valued at $11,485,007 in the last quarter. 0.56% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Investors Research Corp purchased a new stake in shares of Fastenal in the first quarter valued at approximately $26,000. Strategy Asset Managers LLC purchased a new stake in shares of Fastenal in the first quarter valued at approximately $32,000. Trustcore Financial Services LLC purchased a new stake in shares of Fastenal in the first quarter valued at approximately $43,000. Bremer Bank National Association purchased a new stake in shares of Fastenal in the first quarter valued at approximately $53,000. Finally, Zions Bancorporation N.A. purchased a new stake in shares of Fastenal in the first quarter valued at approximately $59,000. Hedge funds and other institutional investors own 85.36% of the company’s stock.

About Fastenal

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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Analyst Recommendations for Fastenal (NASDAQ:FAST)

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