Fastenal Company Forecasted to Post FY2017 Earnings of $1.92 Per Share (FAST)
Fastenal Company (NASDAQ:FAST) – KeyCorp lowered their FY2017 EPS estimates for Fastenal in a research report issued on Wednesday. KeyCorp analyst S. Barger now anticipates that the company will earn $1.92 per share for the year, down from their previous forecast of $1.94. KeyCorp currently has a “Buy” rating and a $52.00 target price on the stock. KeyCorp also issued estimates for Fastenal’s Q4 2017 earnings at $0.44 EPS and FY2018 earnings at $2.10 EPS.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the business earned $0.44 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. TRADEMARK VIOLATION WARNING: “Fastenal Company Forecasted to Post FY2017 Earnings of $1.92 Per Share (FAST)” was posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was stolen and reposted in violation of United States and international copyright & trademark law. The original version of this piece of content can be accessed at https://www.americanbankingnews.com/2017/10/13/fastenal-company-forecasted-to-post-fy2017-earnings-of-1-92-per-share-fast.html.
A number of other equities analysts have also recently weighed in on the company. Credit Suisse Group reiterated a “buy” rating and set a $52.00 price target on shares of Fastenal in a report on Thursday, July 13th. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. UBS AG upgraded Fastenal from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price (down previously from $46.00) on shares of Fastenal in a research report on Monday, June 26th. Finally, BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Fastenal presently has an average rating of “Buy” and an average target price of $50.80.
Shares of Fastenal (NASDAQ:FAST) opened at 45.94 on Friday. The company has a 50-day moving average of $43.94 and a 200 day moving average of $44.35. The company has a market cap of $13.23 billion, a PE ratio of 25.28 and a beta of 1.00. Fastenal has a 12 month low of $37.70 and a 12 month high of $52.74.
Large investors have recently added to or reduced their stakes in the business. Nuance Investments LLC bought a new position in Fastenal during the 2nd quarter worth approximately $3,048,000. Sawtooth Solutions LLC lifted its holdings in Fastenal by 15.4% during the 2nd quarter. Sawtooth Solutions LLC now owns 24,473 shares of the company’s stock worth $1,065,000 after buying an additional 3,275 shares during the last quarter. Girard Partners LTD. lifted its holdings in Fastenal by 14.5% during the 2nd quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock worth $508,000 after buying an additional 1,477 shares during the last quarter. Seven Eight Capital LP lifted its holdings in Fastenal by 67.2% during the 2nd quarter. Seven Eight Capital LP now owns 9,700 shares of the company’s stock worth $422,000 after buying an additional 3,900 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Fastenal by 58.4% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 23,487 shares of the company’s stock worth $1,022,000 after buying an additional 8,655 shares during the last quarter. 83.02% of the stock is currently owned by institutional investors.
In other Fastenal news, Director Michael John Dolan sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Daniel L. Johnson bought 600 shares of Fastenal stock in a transaction on Monday, July 24th. The shares were purchased 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. In the last ninety days, insiders have acquired 3,400 shares of company stock worth $142,960. 0.55% of the stock is currently owned by company insiders.
Fastenal declared that its board has approved a share repurchase program on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm 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 $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio is currently 68.09%.
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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