Northcoast Research Weighs in on Fastenal’s Q1 2018 Earnings (FAST)
Fastenal (NASDAQ:FAST) – Equities research analysts at Northcoast Research increased their Q1 2018 earnings estimates for shares of Fastenal in a report released on Wednesday. Northcoast Research analyst R. Cieslak now forecasts that the company will post earnings of $0.52 per share for the quarter, up from their prior estimate of $0.51. Northcoast Research also issued estimates for Fastenal’s Q2 2018 earnings at $0.58 EPS, Q4 2018 earnings at $0.51 EPS and FY2018 earnings at $2.18 EPS.
Several other equities research analysts have also recently issued reports on the company. 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, October 10th. Stephens set a $54.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Wednesday, October 11th. Stifel Nicolaus restated a “hold” rating and set a $46.00 price objective on shares of Fastenal in a report on Tuesday, August 22nd. 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 investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $50.80.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, hitting the consensus estimate 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%. Fastenal’s revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Tuesday, October 24th. Fastenal’s payout ratio is currently 68.09%.
In other Fastenal news, insider Leland J. Hein sold 10,000 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $47.14, for a total transaction of $471,400.00. Following the transaction, the insider now owns 21,290 shares in the company, valued at $1,003,610.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Terry Modock Owen sold 30,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $48.02, for a total value of $1,440,600.00. The disclosure for this sale can be found here. Insiders sold 80,112 shares of company stock worth $3,879,832 in the last quarter. 0.55% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc increased its position in shares of Fastenal by 3.3% during the second quarter. CIBC Asset Management Inc now owns 36,232 shares of the company’s stock worth $1,577,000 after acquiring an additional 1,153 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Fastenal by 1.0% during the second quarter. Bessemer Group Inc. now owns 33,099 shares of the company’s stock worth $1,442,000 after acquiring an additional 334 shares during the last quarter. Global X Management Co. LLC increased its position in shares of Fastenal by 37.9% during the second quarter. Global X Management Co. LLC now owns 11,148 shares of the company’s stock worth $485,000 after acquiring an additional 3,063 shares during the last quarter. Stoneridge Investment Partners LLC purchased a new stake in shares of Fastenal during the second quarter worth about $3,294,000. Finally, Canada Pension Plan Investment Board increased its position in shares of Fastenal by 13.4% during the second quarter. Canada Pension Plan Investment Board now owns 301,662 shares of the company’s stock worth $13,131,000 after acquiring an additional 35,629 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.
Fastenal Company Profile
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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