Fastenal Co. (FAST) Releases Earnings Results, Misses Expectations By $0.01 EPS
Fastenal Co. (NASDAQ:FAST) issued its quarterly earnings results on Tuesday. The company reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.01 billion. Fastenal had a return on equity of 27.83% and a net margin of 12.91%.
Shares of Fastenal (NASDAQ:FAST) opened at 42.12 on Tuesday. Fastenal has a 52 week low of $35.10 and a 52 week high of $49.99. The stock has a 50 day moving average price of $41.86 and a 200-day moving average price of $44.17. The company has a market capitalization of $12.17 billion, a PE ratio of 24.07 and a beta of 0.99.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.85%. Fastenal’s dividend payout ratio (DPR) is presently 68.57%.
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Several research analysts recently issued reports on FAST shares. Morgan Stanley started coverage on shares of Fastenal in a research report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 price target on the stock. Zacks Investment Research upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Vetr downgraded shares of Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price target on the stock. in a research report on Tuesday, September 6th. Wells Fargo & Co. reiterated a “hold” rating on shares of Fastenal in a research report on Sunday, September 4th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $47.00 price target on shares of Fastenal in a research report on Wednesday, July 13th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. Fastenal currently has a consensus rating of “Hold” and an average target price of $47.44.
Several hedge funds and other institutional investors have recently modified their holdings of FAST. BlackRock Fund Advisors raised its stake in Fastenal by 5.4% in the second quarter. BlackRock Fund Advisors now owns 4,721,920 shares of the company’s stock valued at $209,606,000 after buying an additional 243,947 shares during the period. BlackRock Group LTD raised its stake in Fastenal by 3.7% in the second quarter. BlackRock Group LTD now owns 2,208,551 shares of the company’s stock valued at $98,037,000 after buying an additional 78,147 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in Fastenal by 1.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,123,135 shares of the company’s stock valued at $49,856,000 after buying an additional 10,814 shares during the period. Raymond James & Associates raised its stake in Fastenal by 7.3% in the second quarter. Raymond James & Associates now owns 1,030,055 shares of the company’s stock valued at $45,724,000 after buying an additional 69,781 shares during the period. Finally, Teachers Advisors Inc. raised its stake in Fastenal by 1.9% in the second quarter. Teachers Advisors Inc. now owns 722,498 shares of the company’s stock valued at $32,072,000 after buying an additional 13,229 shares during the period. Institutional investors own 82.12% of the company’s stock.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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