Fastenal Receives a Hold from BMO Capital

By Carrie Williams

BMO Capital analyst Scott Graham reiterated a Hold rating on Fastenal (NASDAQ: FAST) on November 4 and set a price target of $45. The company’s shares opened today at $39.93.

According to TipRanks.com, Graham is a 3-star analyst with an average return of 0.9% and a 48.8% success rate. Graham covers the Industrial Goods sector, focusing on stocks such as Thermon Group Holdings Inc., Gorman-Rupp Company, and Barnes Group Inc.

Fastenal has an analyst consensus of Hold, with a price target consensus of $45.

Based on Fastenal’s latest earnings report from September 30, the company posted quarterly revenue of $1.01B and quarterly net profit of $126.9M. In comparison, last year the company earned revenue of $995.3M and had a net profit of $136.5M.

Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FAST in relation to earlier this year. Last month, Michael Ancius, a Director at FAST bought 700 shares for a total of $27,174.

Fastenal Co. engages in the business of wholesale and retail distribution of industrial and construction supplies. The company offers its products under the brand Fastenal. Its products line consists of two broad categories, which include threaded fasteners, such as bolts, nuts, screws, studs and related washers; and miscellaneous supplies and hardware, such as various pins and machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. The company was founded by Robert A. Kierlin, Michael M. Gostomski, Henry K. McCannon, John D. Remick and Stephen M. Slaggie in November 1967 and is headquartered in Winona, MN.