Zacks: Brokerages Expect Fastenal (FAST) Will Announce Quarterly Sales of $1.16 Billion

Equities research analysts predict that Fastenal (NASDAQ:FAST) will report $1.16 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Fastenal’s earnings, with the highest sales estimate coming in at $1.19 billion and the lowest estimate coming in at $1.14 billion. Fastenal reported sales of $1.05 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.5%. The business is expected to issue its next earnings results on Wednesday, April 11th.

According to Zacks, analysts expect that Fastenal will report full year sales of $1.16 billion for the current year, with estimates ranging from $4.71 billion to $4.90 billion. For the next fiscal year, analysts forecast that the business will post sales of $5.18 billion per share, with estimates ranging from $5.05 billion to $5.35 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Fastenal.

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

Several equities research analysts recently issued reports on FAST shares. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Friday, January 19th. Credit Suisse Group upgraded shares of Fastenal to a “buy” rating and set a $61.00 target price on the stock in a report on Thursday, January 18th. Stephens raised their target price on shares of Fastenal from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, January 18th. Robert W. Baird reiterated a “buy” rating on shares of Fastenal in a research report on Wednesday, January 17th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $51.00 price target on shares of Fastenal in a research report on Monday, December 11th. One research 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 stock. Fastenal has a consensus rating of “Buy” and an average price target of $53.29.

Shares of Fastenal (NASDAQ FAST) opened at $53.48 on Friday. Fastenal has a fifty-two week low of $39.79 and a fifty-two week high of $57.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.51 and a quick ratio of 2.40. The stock has a market cap of $15,381.06, a P/E ratio of 27.71, a P/E/G ratio of 1.53 and a beta of 1.03.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 27th. Shareholders of record on Wednesday, January 31st will be given a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, January 30th. This is an increase from Fastenal’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a yield of 2.77%. Fastenal’s dividend payout ratio (DPR) is presently 73.63%.

In other news, insider James C. Jansen sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $48.50, for a total transaction of $485,000.00. Following the sale, the insider now directly owns 22,588 shares in the company, valued at approximately $1,095,518. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charles S. Miller sold 26,250 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $56.50, for a total transaction of $1,483,125.00. Following the sale, the insider now owns 26,250 shares in the company, valued at $1,483,125. The disclosure for this sale can be found here. Insiders sold 78,884 shares of company stock worth $4,059,512 over the last quarter. Insiders own 0.55% of the company’s stock.

Several hedge funds have recently made changes to their positions in FAST. Exane Derivatives bought a new stake in shares of Fastenal during the 4th quarter valued at $110,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Fastenal during the 3rd quarter valued at $114,000. SeaCrest Wealth Management LLC bought a new stake in shares of Fastenal during the 4th quarter valued at $115,000. Cable Hill Partners LLC bought a new stake in shares of Fastenal during the 3rd quarter valued at $126,000. Finally, QS Investors LLC raised its position in shares of Fastenal by 1.6% during the 2nd quarter. QS Investors LLC now owns 4,051 shares of the company’s stock valued at $176,000 after purchasing an additional 63 shares during the period. Hedge funds and other institutional investors own 84.40% of the company’s stock.

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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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