Fastenal (NASDAQ:FAST) Releases Earnings Results, Meets Expectations

Fastenal (NASDAQ:FAST) issued its quarterly earnings data on Monday. The company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30, RTT News reports. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the firm posted $0.52 earnings per share.

Fastenal Price Performance

FAST opened at $49.17 on Monday. The business has a 50 day moving average price of $46.11 and a two-hundred day moving average price of $43.77. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The company has a market cap of $56.46 billion, a PE ratio of 44.70, a P/E/G ratio of 3.12 and a beta of 0.84. Fastenal has a 52 week low of $37.38 and a 52 week high of $50.63.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.0%. Fastenal’s dividend payout ratio is currently 87.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley reaffirmed a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. JPMorgan Chase & Co. lifted their price target on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Robert W. Baird boosted their target price on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Finally, Benchmark reissued a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average target price of $49.17.

Insider Activity at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares of the company’s stock, valued at $1,893,600. This represents a 48.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fastenal

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC acquired a new stake in shares of Fastenal in the 3rd quarter worth approximately $36,000. Greenline Wealth Management LLC purchased a new position in shares of Fastenal in the 4th quarter worth $42,000. DV Equities LLC acquired a new stake in Fastenal in the 4th quarter valued at $65,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in Fastenal by 33.6% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 1,470 shares of the company’s stock valued at $72,000 after purchasing an additional 370 shares in the last quarter. Finally, Kelleher Financial Advisors acquired a new stake in Fastenal in the 3rd quarter valued at $94,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.