Several other equities analysts have also commented on the company. Wells Fargo & Co cut their price target on Fastenal from $35.00 to $30.00 and set a market perform rating on the stock in a research note on Friday, July 12th. Raymond James cut their price target on Fastenal from $39.00 to $37.00 and set a strong-buy rating on the stock in a research note on Friday, July 12th. Buckingham Research cut their price target on Fastenal from $31.00 to $29.00 and set a neutral rating on the stock in a research note on Friday, July 12th. ValuEngine lowered Fastenal from a sell rating to a strong sell rating in a research note on Thursday, May 23rd. Finally, Morgan Stanley cut their price target on Fastenal from $31.50 to $29.00 and set an equal weight rating on the stock in a research note on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Fastenal has an average rating of Hold and a consensus price target of $31.36.
Shares of Fastenal stock traded up $0.70 during trading on Friday, hitting $29.98. 2,860,700 shares of the stock traded hands, compared to its average volume of 4,848,511. The firm has a market cap of $17.19 billion, a P/E ratio of 22.71, a price-to-earnings-growth ratio of 1.32 and a beta of 1.22. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Fastenal has a 52-week low of $24.00 and a 52-week high of $35.94. The stock’s fifty day simple moving average is $30.84 and its 200 day simple moving average is $50.13.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Thursday, July 25th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Wednesday, July 24th. Fastenal’s payout ratio is currently 66.67%.
In related news, Director Michael J. Ancius acquired 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $28.99 per share, with a total value of $28,990.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel L. Johnson acquired 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average cost of $30.49 per share, for a total transaction of $76,225.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 4,604 shares of company stock worth $138,479. 0.56% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Flagship Harbor Advisors LLC boosted its position in Fastenal by 176.8% during the second quarter. Flagship Harbor Advisors LLC now owns 1,362 shares of the company’s stock valued at $44,000 after purchasing an additional 870 shares in the last quarter. DAVENPORT & Co LLC boosted its holdings in Fastenal by 90.0% in the second quarter. DAVENPORT & Co LLC now owns 22,916 shares of the company’s stock worth $747,000 after acquiring an additional 10,858 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Fastenal by 131.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 5,910 shares of the company’s stock worth $193,000 after acquiring an additional 3,355 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Fastenal by 31.1% in the first quarter. SG Americas Securities LLC now owns 5,675 shares of the company’s stock worth $365,000 after acquiring an additional 1,345 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in Fastenal by 128.0% in the second quarter. IFM Investors Pty Ltd now owns 43,818 shares of the company’s stock worth $1,428,000 after acquiring an additional 24,602 shares in the last quarter. 85.36% of the stock is currently owned by institutional investors.
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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