Fastenal Co. (FAST) Shares Down 4.8% on Disappointing Earnings
Fastenal Co. (NASDAQ:FAST) fell 4.8% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $40.03 and last traded at $40.10, with a volume of 4,102,775 shares. The stock had previously closed at $42.12.
The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by $0.01. Fastenal had a net margin of 12.91% and a return on equity of 27.83%. The business had revenue of $1.01 billion for the quarter. During the same quarter last year, the company posted $0.47 EPS. The company’s revenue was up 1.8% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.85%. Fastenal’s dividend payout ratio is 68.57%.
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Several brokerages have commented on FAST. Wells Fargo & Co. reiterated a “hold” rating on shares of Fastenal in a research note on Sunday, September 4th. Zacks Investment Research downgraded Fastenal from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 14th. Macquarie began coverage on Fastenal in a research note on Thursday, August 25th. They set a “neutral” rating and a $50.00 target price on the stock. Credit Suisse Group AG reiterated a “neutral” rating and set a $43.00 target price on shares of Fastenal in a research note on Friday, June 17th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $47.00 target price on shares of Fastenal in a research note 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 given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $47.44.
A number of large investors have recently bought and sold shares of the stock. Quadrature Capital Ltd acquired a new stake in Fastenal during the first quarter worth approximately $959,000. Rafferty Asset Management LLC boosted its stake in Fastenal by 163.4% in the first quarter. Rafferty Asset Management LLC now owns 57,872 shares of the company’s stock worth $2,836,000 after buying an additional 35,899 shares in the last quarter. State Street Corp boosted its stake in Fastenal by 0.7% in the first quarter. State Street Corp now owns 11,052,593 shares of the company’s stock worth $541,583,000 after buying an additional 78,990 shares in the last quarter. Zebra Capital Management LLC boosted its stake in Fastenal by 22.1% in the first quarter. Zebra Capital Management LLC now owns 23,288 shares of the company’s stock worth $1,141,000 after buying an additional 4,216 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in Fastenal by 235.9% in the first quarter. BB&T Securities LLC now owns 309,729 shares of the company’s stock worth $15,176,000 after buying an additional 217,522 shares in the last quarter. 82.12% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market cap of $11.59 billion, a price-to-earnings ratio of 22.917 and a beta of 0.99. The company’s 50 day moving average price is $41.86 and its 200-day moving average price is $44.17.
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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