Fastenal Company (FAST) Issues Earnings Results, Hits Estimates
Fastenal Company (NASDAQ:FAST) posted its quarterly earnings results on Wednesday. The company reported $0.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.50, MarketWatch Earnings reports. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the firm earned $0.44 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year.
Shares of Fastenal (FAST) opened at 44.86 on Wednesday. Fastenal has a 12-month low of $37.70 and a 12-month high of $52.74. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of 24.69 and a beta of 1.00. The company’s 50-day moving average price is $43.72 and its 200 day moving average price is $44.33.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.85%. Fastenal’s payout ratio is presently 70.33%.
Fastenal announced that its board has authorized a stock buyback plan on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
FAST has been the topic of a number of research analyst reports. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a report on Wednesday, July 12th. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Credit Suisse Group reissued a “buy” rating and issued a $52.00 price target on shares of Fastenal in a report on Thursday, July 13th. BMO Capital Markets boosted their price target on Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a report on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price target (down from $46.00) on shares of Fastenal in a report on Monday, June 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $50.87.
In related news, Director Daniel L. Johnson acquired 600 shares of Fastenal stock in a transaction that occurred on Monday, July 24th. The shares were purchased at an average price of $42.71 per share, for a total transaction of $25,626.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider William Joseph Drazkowski acquired 1,000 shares of Fastenal stock in a transaction that occurred on Friday, July 21st. The shares were bought at an average price of $42.36 per share, for a total transaction of $42,360.00. Following the transaction, the insider now owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The disclosure for this purchase can be found here. Insiders bought 3,400 shares of company stock worth $142,960 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.
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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