Fastenal Company (FAST) is Initiated by Morgan Stanley to Equal-Weight, Price Target at $46

Fastenal Company (FAST) was Initiated by Morgan Stanley to “Equal-Weight” and the brokerage firm has set the Price Target at $46. Morgan Stanley advised their investors in a research report released on Jul 7, 2016.

Many Wall Street Analysts have commented on Fastenal Company. Fastenal Company was Resumed by Credit Suisse to “Neutral” on Jun 17, 2016.

On the company’s financial health, Fastenal Company reported $0.44 EPS for the quarter, based on the information available during the earnings call on Apr 12, 2016. Analyst had a consensus estimate of $0.44. The company had revenue of $986.70 million for the quarter, compared to analysts expectations of $988.57 million. The company’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS.

Fastenal Company closed down -0.91 points or -2.01% at $44.38 with 18,73,616 shares getting traded on Tuesday. Post opening the session at $45.03, the shares hit an intraday low of $44.08 and an intraday high of $45.18 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Mar 3, 2016, Sheryl Ann Lisowski (Interim CFO/CAO/Controller) sold 5,000 shares at $46.69 per share price. According to the SEC, on Mar 3, 2016, James C Jansen (Executive Vice President) sold 25,000 shares at $46.50 per share price. On Mar 1, 2016, Daniel L Florness (CEO and President) sold 80,000 shares at $45.17 per share price, according to the Form-4 filing with the securities and exchange commission.

Fastenal Company sells industrial and construction supplies to end-users (business-to-business) and also has some walk-in retail business. The Company’s product offerings include fasteners and other industrial and construction supplies many of which are sold under the Fastenal product name. The Company’s product line which it refers to as the fastener product line consists of two categories: 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’s product line includes fasteners cutting tools tools hydraulics and pneumatics material handling janitorial supplies electrical supplies welding supplies safety supplies metals direct ship and office supplies. It operates approximately 14 distribution centers in North America.

Fastenal Company

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