BMO Capital Cuts Price Target on Fastenal (FAST) Following 3Q Report

October 12, 2016 8:44 AM EDT
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Price: $51.24 +1.36%

Rating Summary:
    4 Buy, 15 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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BMO Capital maintained a Market Perform rating on Fastenal (NASDAQ: FAST), and cut the price target to $45.00 (from $47.00), following the company's 3Q earnings report. EPS was down 7% to $0.44, a penny below expectations.

Analyst Scott Graham commented, "3Q16 EPS declined 7%, which was a bit worse than expected. Sales increased but remain restrained by still-sluggish general industrial capex. MRO demand is positive. But this sales dynamic produces negative mix, which combined with customer mix and investments in sales initiatives, should continue to weigh on margins until demand improves. We have trimmed our forecasts but believe the stock's 5% decline today was not supported by the earnings report."

For an analyst ratings summary and ratings history on Fastenal click here. For more ratings news on Fastenal click here.

Shares of Fastenal closed at $39.96 yesterday.

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