Fastenal (FAST) Posts Quarterly Earnings Results, Hits Estimates

Fastenal (NASDAQ:FAST) released its earnings results on Wednesday. The company reported $0.45 earnings per share for the quarter, meeting the consensus estimate of $0.45, Morningstar.com reports. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period last year, the business earned $0.40 earnings per share. The firm’s revenue was up 14.8% on a year-over-year basis.

Shares of Fastenal (NASDAQ FAST) opened at $52.20 on Thursday. Fastenal has a twelve month low of $39.79 and a twelve month high of $56.15. The company has a current ratio of 5.36, a quick ratio of 2.45 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $15,932.92, a price-to-earnings ratio of 27.77, a PEG ratio of 1.86 and a beta of 1.09.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Wednesday, January 31st will be issued a dividend of $0.37 per share. The ex-dividend date is Tuesday, January 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.84%. This is an increase from Fastenal’s previous quarterly dividend of $0.32. Fastenal’s dividend payout ratio (DPR) is currently 68.09%.

Several equities analysts recently weighed in on FAST shares. KeyCorp reissued a “buy” rating and issued a $52.00 target price on shares of Fastenal in a research note on Thursday, October 12th. Stephens set a $54.00 price target on Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, December 26th. Robert W. Baird reaffirmed a “buy” rating on shares of Fastenal in a report on Wednesday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $46.00 price target (up previously from $44.00) on shares of Fastenal in a report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Fastenal has a consensus rating of “Buy” and a consensus target price of $53.50.

In other news, insider Gary A. Polipnick sold 2,634 shares of Fastenal stock in a transaction on Friday, December 15th. The stock was sold at an average price of $53.45, for a total transaction of $140,787.30. Following the completion of the sale, the insider now owns 59,323 shares of the company’s stock, valued at $3,170,814.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Terry Modock Owen sold 30,000 shares of Fastenal stock in a transaction 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. Insiders have sold 62,746 shares of company stock valued at $3,061,819 in the last three months. Insiders own 0.55% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Fastenal by 3.1% during the second quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock worth $1,374,380,000 after buying an additional 943,262 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Fastenal by 1.9% during the second quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock worth $774,680,000 after buying an additional 336,893 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Fastenal by 8.7% during the third quarter. Bank of New York Mellon Corp now owns 16,219,944 shares of the company’s stock worth $739,306,000 after buying an additional 1,297,185 shares in the last quarter. Bares Capital Management Inc. lifted its holdings in shares of Fastenal by 2.0% during the third quarter. Bares Capital Management Inc. now owns 3,662,915 shares of the company’s stock worth $166,956,000 after buying an additional 70,166 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Fastenal by 58.5% during the third quarter. Janus Henderson Group PLC now owns 2,889,428 shares of the company’s stock worth $131,700,000 after buying an additional 1,066,773 shares in the last quarter. 84.57% of the stock is owned by institutional investors.

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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.

Earnings History for Fastenal (NASDAQ:FAST)

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