$0.50 Earnings Per Share Expected for Fastenal Company (FAST) This Quarter
Wall Street analysts expect that Fastenal Company (NASDAQ:FAST) will announce earnings per share (EPS) of $0.50 for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Fastenal’s earnings, with the highest EPS estimate coming in at $0.52 and the lowest estimate coming in at $0.48. Fastenal posted earnings per share of $0.44 during the same quarter last year, which indicates a positive year-over-year growth rate of 13.6%. The company is scheduled to report its next quarterly earnings results on Tuesday, October 10th.
On average, analysts expect that Fastenal will report full-year earnings of $1.92 per share for the current fiscal year, with EPS estimates ranging from $1.87 to $1.95. For the next financial year, analysts anticipate that the business will report earnings of $2.09 per share, with EPS estimates ranging from $2.00 to $2.21. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Fastenal.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.46 EPS.
A number of equities analysts have weighed in on FAST shares. Longbow Research raised shares of Fastenal from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Friday, June 2nd. Credit Suisse Group raised shares of Fastenal from a “neutral” rating to an “outperform” rating and set a $55.00 price target on the stock in a research note on Wednesday, April 19th. Argus raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research note on Tuesday, April 18th. Raymond James Financial, Inc. raised shares of Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, April 19th. Finally, Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, April 18th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $49.97.
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Shares of Fastenal (FAST) opened at 42.41 on Monday. The stock’s 50 day moving average is $43.28 and its 200 day moving average is $47.10. Fastenal has a 52-week low of $37.70 and a 52-week high of $52.74. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 23.34 and a beta of 0.99.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, July 24th. Fastenal’s dividend payout ratio is presently 70.33%.
Fastenal declared that its Board of Directors has approved a share buyback plan on Tuesday, July 11th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
In other news, Director Darren R. Jackson purchased 5,000 shares of the stock in a transaction that occurred on Friday, April 28th. The stock was acquired at an average cost of $44.75 per share, with a total value of $223,750.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider William Joseph Drazkowski purchased 1,000 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were purchased at an average cost of $42.36 per share, with a total value of $42,360.00. Following the completion of the acquisition, the insider now owns 1,960 shares in the company, valued at approximately $83,025.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 8,000 shares of company stock valued at $352,380. Company insiders own 0.55% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Huntington National Bank raised its stake in Fastenal by 3.4% in the second quarter. Huntington National Bank now owns 7,376 shares of the company’s stock worth $321,000 after buying an additional 240 shares during the last quarter. Rothschild Investment Corp IL purchased a new stake in Fastenal during the second quarter worth $508,000. Manning & Napier Advisors LLC raised its stake in Fastenal by 434.7% in the second quarter. Manning & Napier Advisors LLC now owns 80,412 shares of the company’s stock worth $3,499,000 after buying an additional 65,372 shares during the last quarter. BB&T Corp raised its stake in Fastenal by 13.5% in the second quarter. BB&T Corp now owns 23,734 shares of the company’s stock worth $1,033,000 after buying an additional 2,824 shares during the last quarter. Finally, US Bancorp DE raised its stake in Fastenal by 19.2% in the second quarter. US Bancorp DE now owns 556,713 shares of the company’s stock worth $24,234,000 after buying an additional 89,749 shares during the last quarter. 83.12% of the stock is owned by institutional investors and hedge funds.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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