William Blair Weighs in on Fastenal Company’s Q1 2018 Earnings (FAST)
Fastenal Company (NASDAQ:FAST) – William Blair issued their Q1 2018 earnings estimates for shares of Fastenal in a report issued on Wednesday. William Blair analyst R. Merkel expects that the company will post earnings per share of $0.50 for the quarter. William Blair also issued estimates for Fastenal’s Q2 2018 earnings at $0.56 EPS, Q3 2018 earnings at $0.55 EPS, Q4 2018 earnings at $0.50 EPS, FY2018 earnings at $2.11 EPS and FY2019 earnings at $2.28 EPS.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share.
Several other research analysts have also weighed in on the stock. KeyCorp reissued 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 shares of Fastenal and gave the stock a “buy” rating in a report on Wednesday. BMO Capital Markets reissued a “market perform” rating and set a $51.00 price objective (up from $46.00) on shares of Fastenal in a report on Tuesday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 price target (up from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Finally, BidaskClub lowered shares of Fastenal from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal presently has a consensus rating of “Buy” and an average target price of $50.80.
Shares of Fastenal (NASDAQ:FAST) traded up 1.15% during trading on Friday, hitting $46.47. 598,933 shares of the company were exchanged. The stock has a market cap of $13.35 billion, a P/E ratio of 24.78 and a beta of 1.00. The company’s 50-day moving average price is $43.94 and its 200 day moving average price is $44.35. Fastenal has a 12 month low of $37.70 and a 12 month high of $52.74.
Institutional investors have recently bought and sold shares of the business. Commonwealth Bank of Australia boosted its stake in Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after purchasing an additional 753 shares during the period. FNY Managed Accounts LLC acquired a new position in Fastenal during the 1st quarter valued at about $133,000. Parkside Financial Bank & Trust boosted its stake in Fastenal by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after purchasing an additional 88 shares during the period. Clearbridge Investments LLC boosted its stake in Fastenal by 417.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after purchasing an additional 2,644 shares during the period. Finally, Krilogy Financial LLC boosted its stake in Fastenal by 2.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock valued at $154,000 after purchasing an additional 70 shares during the period. 83.02% of the stock is owned by hedge funds and other institutional investors.
In other Fastenal news, Director Michael John Dolan sold 8,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total transaction of $344,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen L. Eastman bought 800 shares of Fastenal stock in a transaction on Tuesday, August 22nd. The shares were purchased at an average cost of $40.58 per share, with a total value of $32,464.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,400 shares of company stock valued at $142,960 over the last three months. 0.55% of the stock is currently owned by company insiders.
Fastenal announced that its board has approved a share repurchase program on Tuesday, July 11th that authorizes the company to buyback 5,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be paid a dividend of $0.32 per share. 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 payout ratio is 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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