Investment management firm, Confluence Investment Management LLC, has reportedly sold 17,256 shares of Fastenal (NASDAQ:FAST). Meanwhile, Wall Street analysts have updated their price target for Fastenal to USD 72.20 owing to its positive earnings updates. The company's October daily sales grew by 2.8%, leading to the upward movement of its stock. Despite disturbances caused by Hurricane Helene, Fastenal experienced a revenue growth, contributing to its stock rise. Fastenal is a high-quality dividend stock that is in need of a moderate pullback. Both Van ECK Associates Corp and QRG Capital Management Inc have increased their position in Fastenal. The stock performance of Fastenal is said to be influenced by the company's robust fundamentals.
Additionally, Fastenal has reported impressive Q3 2024 earnings. Despite the resilient nature of its business model and strong financials, the steep valuation of its stock remains of concern. Fastenal has once again declared a cash dividend. The company's shares have also crossed the 2% yield mark. Those who had invested in Fastenal around five years back have seen their investment grow by 148%. Fastenal's stock reportedly hit an all-time high of $80.95.
Fastenal Co FAST News Analytics from Thu, 11 Apr 2024 07:00:00 GMT to Fri, 08 Nov 2024 21:53:00 GMT - Rating 6 - Innovation 2
