Fastenal (NASDAQ:FAST) Posts Earnings Results, Hits Expectations

Fastenal (NASDAQ:FAST) released its earnings results on Monday. The company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42, MarketWatch Earnings reports. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fastenal had a return on equity of 30.76% and a net margin of 15.24%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share.

NASDAQ FAST opened at $53.83 on Wednesday. The stock has a 50-day simple moving average of $54.20 and a 200 day simple moving average of $53.03. The company has a market capitalization of $30.94 billion, a PE ratio of 35.65, a P/E/G ratio of 3.83 and a beta of 1.28. The company has a current ratio of 4.16, a quick ratio of 2.12 and a debt-to-equity ratio of 0.13. Fastenal has a 12 month low of $42.57 and a 12 month high of $56.39.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 23rd. Investors of record on Tuesday, October 26th will be issued a $0.28 dividend. The ex-dividend date is Monday, October 25th. This represents a $1.12 dividend on an annualized basis and a yield of 2.08%. Fastenal’s dividend payout ratio is presently 75.17%.

In other Fastenal news, VP Charles S. Miller sold 35,141 shares of the stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $55.10, for a total value of $1,936,269.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nicholas J. Lundquist sold 32,980 shares of the stock in a transaction dated Monday, August 30th. The stock was sold at an average price of $56.10, for a total value of $1,850,178.00. Following the completion of the sale, the director now owns 449,012 shares of the company’s stock, valued at $25,189,573.20. The disclosure for this sale can be found here. In the last quarter, insiders purchased 2,265 shares of company stock valued at $123,014 and sold 142,089 shares valued at $7,910,739. Corporate insiders own 0.56% of the company’s stock.

FAST has been the subject of a number of recent research reports. Robert W. Baird boosted their target price on Fastenal from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 14th. Loop Capital initiated coverage on Fastenal in a research report on Tuesday, August 3rd. They set a “hold” rating and a $52.00 target price for the company. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Tuesday, September 28th. Morgan Stanley downgraded Fastenal from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $53.00 to $48.00 in a research report on Tuesday, June 15th. They noted that the move was a valuation call. Finally, Wells Fargo & Company downgraded Fastenal from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $50.00 to $45.00 in a report on Friday, October 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $53.50.

About Fastenal

Fastenal Co engages in the provision of fasteners, tools, and supplies which can help in the manufacture of products, build structures, protect personnel, and maintain facilities and equipment. It products include cutting tools & metalworking, fasteners, material handling, storage & packaging power, transmission & motors, tools & equipment, electricals, abrasives, hydraulics & pneumatics, plumbing, lifting & rigging, raw materials, fleet & automotive, welding, office products & furniture, janitorial and lighting.

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Earnings History for Fastenal (NASDAQ:FAST)

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