Brokers Offer Predictions for Fastenal’s FY2024 Earnings (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – Equities research analysts at William Blair lowered their FY2024 earnings estimates for shares of Fastenal in a report released on Tuesday, October 8th. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $2.02 for the year, down from their prior estimate of $2.03. The consensus estimate for Fastenal’s current full-year earnings is $2.04 per share. William Blair also issued estimates for Fastenal’s Q4 2024 earnings at $0.48 EPS, Q1 2025 earnings at $0.54 EPS, Q2 2025 earnings at $0.56 EPS, Q3 2025 earnings at $0.57 EPS, Q4 2025 earnings at $0.54 EPS, FY2025 earnings at $2.20 EPS and FY2026 earnings at $2.34 EPS.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 EPS.

A number of other brokerages have also weighed in on FAST. Bank of America initiated coverage on Fastenal in a research report on Monday. They set a “buy” rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. boosted their price target on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday. Jefferies Financial Group lowered their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Morgan Stanley initiated coverage on shares of Fastenal in a research report on Friday, September 6th. They set an “equal weight” rating and a $72.00 target price on the stock. Finally, Stephens restated an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $68.89.

Fastenal Stock Down 0.9 %

Shares of NASDAQ:FAST opened at $69.99 on Wednesday. Fastenal has a 52-week low of $55.42 and a 52-week high of $79.04. The company has a market capitalization of $40.07 billion, a PE ratio of 34.82, a price-to-earnings-growth ratio of 3.92 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. The company has a fifty day moving average of $68.53 and a 200-day moving average of $68.00.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.23%. Fastenal’s dividend payout ratio is presently 77.61%.

Insider Activity 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 stock was 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 in the company, valued at approximately $19,929,734.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastenal

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

About Fastenal

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.