Fastenal (NASDAQ:FAST – Free Report) – Equities research analysts at William Blair reduced their Q3 2023 earnings estimates for shares of Fastenal in a report released on Thursday, July 13th. William Blair analyst R. Merkel now forecasts that the company will post earnings of $0.50 per share for the quarter, down from their previous forecast of $0.51. The consensus estimate for Fastenal’s current full-year earnings is $1.98 per share. William Blair also issued estimates for Fastenal’s Q4 2023 earnings at $0.43 EPS, FY2023 earnings at $1.97 EPS and FY2024 earnings at $2.06 EPS.
A number of other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Fastenal from $50.00 to $60.00 in a report on Friday, June 16th. Morgan Stanley upped their target price on shares of Fastenal from $42.00 to $46.00 and gave the company an “underweight” rating in a report on Wednesday, April 5th. Robert W. Baird upped their target price on shares of Fastenal from $57.00 to $60.00 in a report on Friday. Stephens lowered shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a research note on Thursday. They noted that the move was a valuation call. Finally, Stifel Nicolaus initiated coverage on shares of Fastenal in a research note on Monday, April 3rd. They issued a “buy” rating and a $61.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.67.
Fastenal Stock Up 1.4 %
Fastenal (NASDAQ:FAST – Get Free Report) last issued its earnings results on Thursday, July 13th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fastenal had a net margin of 15.52% and a return on equity of 34.63%. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 earnings per share.
Fastenal Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, July 27th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, July 26th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.44%. Fastenal’s payout ratio is presently 71.07%.
Insiders Place Their Bets
In other Fastenal news, COO Terry Modock Owen sold 20,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $56.15, for a total transaction of $1,123,000.00. Following the transaction, the chief operating officer now owns 7,000 shares in the company, valued at approximately $393,050. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.45% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in FAST. Astoria Portfolio Advisors LLC. bought a new stake in shares of Fastenal during the 2nd quarter worth approximately $206,000. Drive Wealth Management LLC bought a new position in Fastenal in the 2nd quarter valued at approximately $219,000. Joule Financial LLC bought a new position in Fastenal in the 2nd quarter valued at approximately $498,000. Park Avenue Securities LLC lifted its stake in Fastenal by 1.6% in the 2nd quarter. Park Avenue Securities LLC now owns 22,818 shares of the company’s stock valued at $1,346,000 after purchasing an additional 352 shares during the last quarter. Finally, Valeo Financial Advisors LLC lifted its stake in Fastenal by 3.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 5,234 shares of the company’s stock valued at $309,000 after purchasing an additional 184 shares during the last quarter. Institutional investors and hedge funds own 77.24% of the company’s stock.
About Fastenal
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
Featured Stories
- Five stocks we like better than Fastenal
- MarketBeat Week in Review – 7/10 – 7/14
- Wells Fargo’s Earnings, Why Markets Are Loving The Stock
- Citigroup Leads Banking Earnings, What’s Next?
- BlackRock Kicks Off Financials Earnings Season, Gauge To Markets
- JPMorgan Chase Is In Reversal But Don’t Chase It Higher
Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with MarketBeat.com's FREE daily email newsletter.
