Q1 2018 EPS Estimates for Fastenal Increased by KeyCorp (FAST)

Fastenal (NASDAQ:FAST) – KeyCorp lifted their Q1 2018 earnings per share estimates for Fastenal in a note issued to investors on Thursday. KeyCorp analyst S. Barger now anticipates that the company will post earnings per share of $0.59 for the quarter, up from their prior estimate of $0.50. KeyCorp has a “Buy” rating and a $52.00 price objective on the stock. KeyCorp also issued estimates for Fastenal’s Q2 2018 earnings at $0.64 EPS, Q3 2018 earnings at $0.63 EPS, Q4 2018 earnings at $0.57 EPS and FY2019 earnings at $2.61 EPS.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, January 17th. The company reported $0.45 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.45. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. Fastenal had a return on equity of 27.39% and a net margin of 13.18%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share.

Several other research analysts also recently commented on FAST. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price objective (up previously from $44.00) on shares of Fastenal in a report on Monday, October 2nd. BMO Capital Markets reiterated a “market perform” rating and issued 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 reiterated a “hold” rating and issued a $51.00 price objective on shares of Fastenal in a report on Monday, December 11th. Finally, Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Tuesday, December 26th. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $53.29.

Fastenal (NASDAQ FAST) opened at $53.74 on Monday. The company has a market capitalization of $15,450.00, a PE ratio of 26.74, a PEG ratio of 1.78 and a beta of 1.09. The company has a quick ratio of 2.45, a current ratio of 5.51 and a debt-to-equity ratio of 0.20. Fastenal has a twelve month low of $39.79 and a twelve month high of $56.15.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Shareholders of record on Wednesday, January 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.75%. This is a boost from Fastenal’s previous quarterly dividend of $0.32. The ex-dividend date is Tuesday, January 30th. Fastenal’s payout ratio is presently 63.68%.

In other news, insider James C. Jansen sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $48.50, for a total value of $485,000.00. Following the sale, the insider now directly owns 22,588 shares of the company’s stock, valued at approximately $1,095,518. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Terry Modock Owen sold 30,000 shares of the business’s stock in a transaction that occurred on 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. Over the last ninety days, insiders have sold 62,746 shares of company stock worth $3,061,819. Insiders own 0.55% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Naples Global Advisors LLC bought a new position in Fastenal in the 4th quarter valued at approximately $218,000. State of Alaska Department of Revenue lifted its position in Fastenal by 103.6% in the 4th quarter. State of Alaska Department of Revenue now owns 38,785 shares of the company’s stock valued at $2,119,000 after acquiring an additional 19,740 shares in the last quarter. Cullinan Associates Inc. lifted its position in Fastenal by 0.9% in the 4th quarter. Cullinan Associates Inc. now owns 116,001 shares of the company’s stock valued at $6,344,000 after acquiring an additional 1,050 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Fastenal by 5.9% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,541,145 shares of the company’s stock valued at $84,286,000 after acquiring an additional 85,614 shares in the last quarter. Finally, Marathon Asset Management LLP lifted its position in Fastenal by 30.8% in the 4th quarter. Marathon Asset Management LLP now owns 711,244 shares of the company’s stock valued at $38,898,000 after acquiring an additional 167,527 shares in the last quarter. 84.57% of the stock is currently owned by institutional investors and hedge funds.

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About Fastenal

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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