Fastenal (NASDAQ:FAST) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Fastenal (NASDAQ:FASTGet Rating) posted its quarterly earnings results on Thursday. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.42 by $0.01, reports. Fastenal had a net margin of 15.73% and a return on equity of 34.25%. The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the company posted $0.40 EPS. Fastenal’s revenue was up 10.7% on a year-over-year basis.

Fastenal Stock Up 4.7 %

Fastenal stock opened at $49.00 on Friday. The firm has a fifty day moving average price of $49.45 and a two-hundred day moving average price of $49.50. The firm has a market cap of $28.07 billion, a price-to-earnings ratio of 26.20, a P/E/G ratio of 2.83 and a beta of 1.17. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.98 and a quick ratio of 1.89. Fastenal has a fifty-two week low of $43.73 and a fifty-two week high of $60.74.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 2nd. Shareholders of record on Thursday, February 2nd will be given a dividend of $0.35 per share. This is a positive change from Fastenal’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Wednesday, February 1st. This represents a $1.40 dividend on an annualized basis and a yield of 2.86%. Fastenal’s payout ratio is currently 66.31%.

Analyst Ratings Changes

FAST has been the subject of several analyst reports. lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Saturday, October 15th. Morgan Stanley reduced their price objective on shares of Fastenal from $43.00 to $42.00 and set an “underweight” rating for the company in a research note on Friday, January 6th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $50.00 price objective on shares of Fastenal in a research note on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus target price of $50.83.

Insider Activity

In related news, insider Jeffery Michael Watts acquired 5,940 shares of the business’s stock in a transaction dated Tuesday, November 29th. The stock was acquired at an average price of $50.58 per share, with a total value of $300,445.20. Following the completion of the transaction, the insider now owns 5,940 shares of the company’s stock, valued at $300,445.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is owned by company insiders.

Institutional Trading of Fastenal

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FAST. Penserra Capital Management LLC increased its stake in Fastenal by 7.6% in the first quarter. Penserra Capital Management LLC now owns 2,767 shares of the company’s stock valued at $164,000 after acquiring an additional 196 shares during the period. Occudo Quantitative Strategies LP bought a new stake in Fastenal in the second quarter valued at about $208,000. Prelude Capital Management LLC bought a new stake in Fastenal in the third quarter valued at about $221,000. Brighton Jones LLC increased its stake in Fastenal by 7.2% in the first quarter. Brighton Jones LLC now owns 4,752 shares of the company’s stock valued at $282,000 after acquiring an additional 320 shares during the period. Finally, Fund Management at Engine No. 1 LLC bought a new stake in Fastenal in the first quarter valued at about $289,000. Institutional investors own 76.99% of the company’s stock.

Fastenal Company Profile

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Fastenal Co engages in the provision of fasteners, tools, and supplies which can help manufacture products, build structures, protect personnel, and maintain facilities and equipment. Its products include cutting tools and metalworking, fasteners, material handling, storage and packaging power, transmission and motors, tools and equipment, electricals, abrasives, hydraulics and pneumatics, plumbing, lifting and rigging, raw materials, fleet and automotive, welding, office products and furniture, and janitorial supplies.

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Earnings History for Fastenal (NASDAQ:FAST)

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