Fastenal Company (FAST) to Release Quarterly Earnings on Wednesday
Fastenal Company (NASDAQ:FAST) is set to issue its quarterly earnings data before the market opens on Wednesday, October 11th. Analysts expect the company to announce earnings of $0.50 per share for the quarter.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the Zacks’ 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 previous year, the firm earned $0.46 earnings per share. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts expect Fastenal to post $1.92 EPS for the current fiscal year and $2.11 EPS for the next fiscal year.
Shares of Fastenal Company (NASDAQ FAST) opened at 45.80 on Wednesday. The company has a 50-day moving average price of $43.14 and a 200 day moving average price of $44.54. Fastenal Company has a one year low of $37.70 and a one year high of $52.74. The company has a market capitalization of $13.19 billion, a PE ratio of 25.21 and a beta of 1.00.
Fastenal announced that its board has authorized a share repurchase plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, CFO Holden Lewis purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was bought at an average cost of $42.51 per share, with a total value of $42,510.00. Following the completion of the purchase, the chief financial officer now directly owns 2,000 shares in the company, valued at $85,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The disclosure for this sale can be found here. Insiders have bought a total of 3,400 shares of company stock worth $142,960 in the last ninety days. Insiders own 0.55% of the company’s stock.
Several research analysts have recently issued reports on FAST shares. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. BidaskClub upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Northcoast Research started coverage on shares of Fastenal in a report on Tuesday, July 25th. They set a “buy” rating and a $54.00 price target for the company. Wells Fargo & Company reissued a “market perform” rating and set a $47.00 price target (down previously from $51.00) on shares of Fastenal in a research report on Wednesday, July 12th. Finally, Raymond James Financial, Inc. raised shares of Fastenal from an “outperform” rating to a “strong-buy” rating and set a $50.00 price target for the company in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Fastenal currently has an average rating of “Buy” and a consensus price target of $50.53.
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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