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Fastenal

$42.12

-0.18 (-0.43%)

06:53
10/11/16
10/11
06:53
10/11/16
06:53

Fastenal says Q3 business conditions looked 'very similar' to 1H16

The company said, "Business conditions in the third quarter of 2016 looked very similar to those in the first half of 2016. Daily sales growth remained slow at 1.8% in the third quarter of 2016, versus growth of 1.9% and 1.6%, respectively, in the first and second quarters of 2016. Our OEM and construction fastener sales remain relatively weak, reflecting the sustained relative weakness of our heavy equipment and construction end markets. We saw similar plant shutdowns/slowdowns around the July 4th holiday, but these were less pronounced around Labor Day. Daily sales in the U.S. were a little weaker in the third quarter of 2016 than was the case in the first half of 2016, largely a result of the continued softness among our largest (top 100) customers. Sales to those customers declined 0.8% in the third quarter of 2016 after posting a modest increase in the first half of 2016. This was offset by better growth in our Canadian and international operations."

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    Oct

FAST Fastenal
$42.12

-0.18 (-0.43%)

04/05/16
BMOC
04/05/16
INITIATION
Target $50
BMOC
Market Perform
Fastenal initiated with a Market Perform at BMO Capital
BMO Capital analyst R. Scott Graham started Fastenal with a Market Perform rating and $50 price target.
05/05/16
DBAB
05/05/16
NO CHANGE
DBAB
Deutsche Bank reiterates Sell on Grainger amid today's rally
Deutsche Bank questions the rally in Grainger (GWW) following Fastenal's (FAST) April sales results. The stock is trading up 2% to $233.03. Fastenal's results mirror Grainger's already given guidance, Deutsche contends. The firm believes Grainger gets riskier as the share price moves higher and does not view the company as a play on a recovery.
07/07/16
MSCO
07/07/16
INITIATION
Target $46
MSCO
Equal Weight
Fastenal initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Nigel Coe initiated Fastenal with an Equal Weight and $46 price target.
08/25/16
MACQ
08/25/16
INITIATION
Target $50
MACQ
Neutral
Fastenal initiated with a Neutral at Macquarie
Macquarie analyst Hamzah Mazari initiated Fastenal with a Neutral and $50 price target.

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