Fastenal (NASDAQ:FAST) Releases Earnings Results, Hits Estimates

Fastenal (NASDAQ:FAST) issued its quarterly earnings results on Friday. The company reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52, RTT News reports. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 3.5% on a year-over-year basis.

Fastenal Trading Up 9.8 %

Shares of NASDAQ FAST opened at $76.82 on Monday. Fastenal has a 1-year low of $56.41 and a 1-year high of $79.04. The business has a fifty day moving average price of $68.77 and a 200 day moving average price of $67.89. The stock has a market capitalization of $43.98 billion, a P/E ratio of 38.22, a price-to-earnings-growth ratio of 4.13 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.03%. Fastenal’s dividend payout ratio is presently 77.61%.

Analyst Ratings Changes

FAST has been the subject of several research analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Jefferies Financial Group lowered their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Bank of America started coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 target price on the stock. Morgan Stanley started coverage on shares of Fastenal in a research note on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target for the company. Finally, Stephens restated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $68.89.

Insider Buying and Selling at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.41% of the stock is owned by insiders.

Institutional Trading of Fastenal

Institutional investors have recently bought and sold shares of the stock. MCF Advisors LLC raised its holdings in shares of Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after buying an additional 391 shares during the last quarter. Central Valley Advisors LLC purchased a new stake in Fastenal during the 2nd quarter valued at about $28,000. Moisand Fitzgerald Tamayo LLC increased its holdings in shares of Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after purchasing an additional 428 shares during the period. LRI Investments LLC purchased a new position in shares of Fastenal in the first quarter worth about $39,000. Finally, Triad Wealth Partners LLC acquired a new stake in shares of Fastenal during the second quarter worth about $32,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.