Q3 2017 Earnings Estimate for Fastenal Company (FAST) Issued By Northcoast Research
Fastenal Company (NASDAQ:FAST) – Northcoast Research issued their Q3 2017 earnings per share (EPS) estimates for Fastenal in a research report issued on Thursday. Northcoast Research analyst R. Cieslak expects that the company will earn $0.52 per share for the quarter. Northcoast Research currently has a “Buy” rating on the stock. Northcoast Research also issued estimates for Fastenal’s Q4 2017 earnings at $0.45 EPS, FY2017 earnings at $1.95 EPS, Q1 2018 earnings at $0.50 EPS, Q2 2018 earnings at $0.55 EPS, Q3 2018 earnings at $0.53 EPS, Q4 2018 earnings at $0.47 EPS and FY2018 earnings at $2.18 EPS.
A number of other analysts have also commented on the company. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Thursday. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. BMO Capital Markets boosted their price target on Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a report on Friday, July 14th. Stifel Nicolaus restated a “hold” rating and issued a $46.00 price target (up from $45.00) on shares of Fastenal in a report on Friday, July 14th. Finally, Raymond James Financial, Inc. upgraded Fastenal from an “outperform” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal has an average rating of “Buy” and a consensus target price of $50.14.
Fastenal (NASDAQ:FAST) opened at 43.86 on Monday. The firm has a market capitalization of $12.63 billion, a price-to-earnings ratio of 24.14 and a beta of 0.98. The firm has a 50-day moving average price of $43.28 and a 200 day moving average price of $46.88. Fastenal has a 12 month low of $37.70 and a 12 month high of $52.74.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, July 12th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the firm posted $0.46 EPS. The business’s revenue was up 10.6% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.92%. Fastenal’s payout ratio is presently 70.33%.
Fastenal declared that its Board of Directors has authorized a share repurchase program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Fastenal news, CFO Holden Lewis purchased 1,000 shares of the stock in a transaction on Thursday, May 25th. The shares were purchased at an average price of $43.76 per share, with a total value of $43,760.00. Following the completion of the transaction, the chief financial officer now directly owns 1,000 shares in the company, valued at $43,760. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel L. Johnson purchased 600 shares of the stock in a transaction on Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Insiders have purchased 3,600 shares of company stock worth $154,256 in the last quarter. 0.55% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Reliance Trust Co. of Delaware increased its position in shares of Fastenal by 20.3% in the first quarter. Reliance Trust Co. of Delaware now owns 7,421 shares of the company’s stock worth $382,000 after buying an additional 1,250 shares during the period. Cullinan Associates Inc. increased its position in shares of Fastenal by 1.7% in the first quarter. Cullinan Associates Inc. now owns 53,051 shares of the company’s stock worth $2,732,000 after buying an additional 875 shares during the period. Mountain Pacific Investment Advisers Inc. ID increased its position in shares of Fastenal by 1.3% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 167,270 shares of the company’s stock worth $8,614,000 after buying an additional 2,200 shares during the period. Financial & Investment Management Group Ltd. increased its position in shares of Fastenal by 16.8% in the first quarter. Financial & Investment Management Group Ltd. now owns 26,557 shares of the company’s stock worth $1,368,000 after buying an additional 3,828 shares during the period. Finally, Parametrica Management Ltd acquired a new position in shares of Fastenal during the first quarter worth $452,000. 82.54% of the stock is currently owned by hedge funds and other institutional investors.
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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