Fastenal (NASDAQ:FAST) – Analysts at Northcoast Research dropped their Q3 2018 EPS estimates for Fastenal in a report released on Thursday, April 12th. Northcoast Research analyst R. Cieslak now forecasts that the company will post earnings of $0.66 per share for the quarter, down from their previous estimate of $0.67. Northcoast Research has a “Buy” rating and a $60.00 price target on the stock. Northcoast Research also issued estimates for Fastenal’s FY2018 earnings at $2.53 EPS and FY2019 earnings at $2.75 EPS.
Several other equities research analysts have also recently commented on the stock. Stephens raised their target price on shares of Fastenal from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, January 18th. Goldman Sachs started coverage on shares of Fastenal in a research report on Sunday, March 18th. They issued a “sell” rating and a $49.00 target price for the company. Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research report on Tuesday, December 26th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $61.00 target price (up from $52.00) on shares of Fastenal in a research report on Tuesday, January 9th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Fastenal in a research report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Fastenal presently has an average rating of “Buy” and an average price target of $54.07.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, April 11th. The company reported $0.61 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Fastenal had a net margin of 13.66% and a return on equity of 28.69%. The firm’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 EPS.
Several hedge funds have recently made changes to their positions in FAST. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Fastenal by 7.7% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 19,582 shares of the company’s stock worth $896,000 after buying an additional 1,400 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Fastenal by 4.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 42,541 shares of the company’s stock worth $1,939,000 after buying an additional 1,729 shares during the last quarter. AMP Capital Investors Ltd boosted its holdings in shares of Fastenal by 7.1% in the third quarter. AMP Capital Investors Ltd now owns 89,068 shares of the company’s stock worth $4,059,000 after buying an additional 5,893 shares during the last quarter. First Republic Investment Management Inc. boosted its holdings in shares of Fastenal by 41.8% in the third quarter. First Republic Investment Management Inc. now owns 23,089 shares of the company’s stock worth $1,052,000 after buying an additional 6,810 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its holdings in shares of Fastenal by 1.2% in the third quarter. Chevy Chase Trust Holdings Inc. now owns 257,685 shares of the company’s stock worth $11,745,000 after buying an additional 3,165 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.
In other news, insider Charles S. Miller sold 26,250 shares of Fastenal stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $56.50, for a total value of $1,483,125.00. Following the completion of the sale, the insider now directly owns 26,250 shares in the company, valued at $1,483,125. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski sold 7,500 shares of Fastenal stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $56.64, for a total transaction of $424,800.00. Following the completion of the sale, the insider now owns 9,460 shares of the company’s stock, valued at $535,814.40. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 23rd. Stockholders of record on Wednesday, April 25th will be paid a $0.37 dividend. The ex-dividend date is Tuesday, April 24th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.92%. Fastenal’s dividend payout ratio is presently 76.68%.
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Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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.
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