FY2017 Earnings Forecast for Fastenal Company Issued By Northcoast Research (FAST)
Fastenal Company (NASDAQ:FAST) – Analysts at Northcoast Research reduced their FY2017 earnings per share estimates for Fastenal in a report released on Thursday. Northcoast Research analyst R. Cieslak now expects that the company will post earnings per share of $1.93 for the year, down from their previous estimate of $1.94. Northcoast Research has a “Buy” rating on the stock. Northcoast Research also issued estimates for Fastenal’s Q1 2018 earnings at $0.51 EPS, Q2 2018 earnings at $0.57 EPS, Q3 2018 earnings at $0.57 EPS, Q4 2018 earnings at $0.50 EPS and FY2018 earnings at $2.15 EPS.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, meeting analysts’ consensus estimates of $0.50. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 earnings per share.
A number of other equities analysts have also recently issued reports on the company. KeyCorp restated a “buy” rating and set a $52.00 price objective on shares of Fastenal in a report on Thursday. Stephens set a $54.00 price objective on Fastenal and gave the company a “buy” rating in a report on Wednesday. BMO Capital Markets restated a “market perform” rating and set a $51.00 price objective (up previously from $46.00) on shares of Fastenal in a report on Tuesday. Morgan Stanley restated an “equal weight” rating and set a $46.00 price objective (up previously from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Finally, BidaskClub cut Fastenal from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. One 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 currently has a consensus rating of “Buy” and a consensus price target of $50.80.
Fastenal (NASDAQ:FAST) opened at 45.94 on Friday. The company’s 50 day moving average price is $43.94 and its 200-day moving average price is $44.35. The company has a market cap of $13.23 billion, a P/E ratio of 25.28 and a beta of 1.00. Fastenal has a one year low of $37.70 and a one year high of $52.74.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is 68.09%.
Fastenal declared that its board has approved a stock buyback program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, Director Stephen L. Eastman purchased 800 shares of Fastenal stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average cost of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Holden Lewis purchased 1,000 shares of Fastenal stock in a transaction dated 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 transaction, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The disclosure for this purchase can be found here. Over the last three months, insiders bought 3,400 shares of company stock valued at $142,960. Corporate insiders own 0.55% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Beacon Financial Group bought a new position in shares of Fastenal in the 3rd quarter worth $6,571,000. Curbstone Financial Management Corp raised its position in shares of Fastenal by 97.5% in the 3rd quarter. Curbstone Financial Management Corp now owns 11,166 shares of the company’s stock worth $509,000 after acquiring an additional 5,513 shares in the last quarter. Sentry Investment Management LLC raised its position in shares of Fastenal by 1.4% in the 2nd quarter. Sentry Investment Management LLC now owns 16,380 shares of the company’s stock worth $713,000 after acquiring an additional 230 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Fastenal by 25.5% in the 2nd quarter. Toronto Dominion Bank now owns 97,991 shares of the company’s stock worth $4,266,000 after acquiring an additional 19,932 shares in the last quarter. Finally, Archford Capital Strategies LLC raised its position in shares of Fastenal by 56.2% in the 2nd quarter. Archford Capital Strategies LLC now owns 32,288 shares of the company’s stock worth $381,000 after acquiring an additional 11,622 shares in the last quarter. 83.02% of the stock is owned by hedge funds and other institutional investors.
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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