Fastenal (NASDAQ:FAST) – Analysts at KeyCorp upped their FY2017 earnings per share estimates for Fastenal in a report released on Monday, Zacks Investment Research reports. KeyCorp analyst S. Barger now anticipates that the company will post earnings of $1.94 per share for the year, up from their prior estimate of $1.92. KeyCorp also issued estimates for Fastenal’s Q4 2017 earnings at $0.46 EPS.
Several other research firms have also recently issued reports on FAST. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $61.00 price target (up previously from $52.00) on shares of Fastenal in a report on Tuesday, January 9th. BMO Capital Markets reaffirmed a “hold” rating and issued a $57.00 price target on shares of Fastenal in a report on Tuesday, January 9th. Stifel Nicolaus reissued a “hold” rating and set a $51.00 target price on shares of Fastenal in a research note on Monday, December 11th. Finally, Stephens boosted their target price on shares of Fastenal from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Fastenal currently has a consensus rating of “Buy” and an average price target of $53.29.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, January 17th. The company reported $0.45 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Fastenal had a return on equity of 27.39% and a net margin of 13.18%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Wednesday, January 31st will be paid 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 dividend on an annualized basis and a dividend yield of 2.77%. Fastenal’s dividend payout ratio is 73.63%.
In other news, insider Terry Modock Owen sold 30,000 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $48.02, for a total value of $1,440,600.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charles S. Miller sold 26,250 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $56.50, for a total transaction of $1,483,125.00. Following the completion of the transaction, the insider now directly 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 ninety days. 0.55% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Fastenal by 3.1% in the second quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock worth $1,374,380,000 after acquiring an additional 943,262 shares during the last quarter. BlackRock Inc. boosted its holdings in Fastenal by 1.8% in the fourth quarter. BlackRock Inc. now owns 18,537,864 shares of the company’s stock worth $1,013,833,000 after purchasing an additional 325,415 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Fastenal by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,263,173 shares of the company’s stock worth $889,434,000 after purchasing an additional 43,229 shares in the last quarter. Bares Capital Management Inc. boosted its holdings in Fastenal by 2.0% in the third quarter. Bares Capital Management Inc. now owns 3,662,915 shares of the company’s stock worth $166,956,000 after purchasing an additional 70,166 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Fastenal by 58.5% in the third quarter. Janus Henderson Group PLC now owns 2,889,428 shares of the company’s stock worth $131,700,000 after purchasing an additional 1,066,773 shares in the last quarter. 84.40% of the stock is currently owned by institutional investors and hedge funds.
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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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