$0.45 EPS Expected for Fastenal Company (FAST) This Quarter
Brokerages expect Fastenal Company (NASDAQ:FAST) to post $0.45 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Fastenal’s earnings, with the highest EPS estimate coming in at $0.48 and the lowest estimate coming in at $0.44. Fastenal reported earnings per share of $0.40 during the same quarter last year, which would suggest a positive year over year growth rate of 12.5%. The business is expected to announce its next quarterly earnings results on Wednesday, January 17th.
On average, analysts expect that Fastenal will report full-year earnings of $1.93 per share for the current year, with EPS estimates ranging from $1.92 to $1.95. For the next fiscal year, analysts forecast that the firm will post earnings of $2.12 per share, with EPS estimates ranging from $2.03 to $2.20. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that follow Fastenal.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company’s revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS.
Several brokerages have weighed in on FAST. BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 target price (up from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 target price (up from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. Stephens set a $54.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Wednesday, October 11th. KeyCorp reissued a “buy” rating and set a $52.00 price objective on shares of Fastenal in a report on Thursday, October 12th. Finally, BidaskClub raised Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $50.80.
Fastenal (NASDAQ:FAST) traded down 3.62% during trading on Tuesday, hitting $46.84. The stock had a trading volume of 3,832,643 shares. Fastenal has a 12-month low of $37.96 and a 12-month high of $52.74. The company has a market cap of $13.46 billion, a P/E ratio of 24.98 and a beta of 1.00. The company has a 50 day moving average of $45.17 and a 200-day moving average of $44.09.
Fastenal announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 11th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, October 24th. This represents a $1.28 annualized dividend and a yield of 2.73%. Fastenal’s payout ratio is 68.09%.
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In related 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen L. Eastman bought 800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were acquired at an average price of $40.58 per share, with a total value of $32,464.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 28,000 shares of company stock valued at $1,302,880. 0.55% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Fastenal by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock valued at $1,374,380,000 after purchasing an additional 943,262 shares during the period. BlackRock Inc. boosted its stake in Fastenal by 1.9% during the 2nd quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock valued at $774,680,000 after purchasing an additional 336,893 shares during the period. State Street Corp boosted its stake in Fastenal by 0.6% during the 1st quarter. State Street Corp now owns 12,071,409 shares of the company’s stock valued at $621,683,000 after purchasing an additional 77,914 shares during the period. Waddell & Reed Financial Inc. boosted its stake in Fastenal by 2.6% during the 1st quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock valued at $212,509,000 after purchasing an additional 104,132 shares during the period. Finally, Bank of America Corp DE boosted its stake in Fastenal by 3.2% during the 1st quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock valued at $199,311,000 after purchasing an additional 120,996 shares during the period. Hedge funds and other institutional investors own 83.23% 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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