Fastenal (NASDAQ:FAST) Releases Quarterly Earnings Results, Meets Estimates

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

Shares of Fastenal stock traded up $0.09 during mid-day trading on Wednesday, hitting $53.92. 105,631 shares of the stock were exchanged, compared to its average volume of 3,109,163. Fastenal has a twelve month low of $42.57 and a twelve month high of $56.39. The stock has a market capitalization of $30.99 billion, a price-to-earnings ratio of 35.82, a price-to-earnings-growth ratio of 3.83 and a beta of 1.28. The company has a 50-day simple moving average of $54.15 and a 200 day simple moving average of $53.05. The company has a current ratio of 4.16, a quick ratio of 2.12 and a debt-to-equity ratio of 0.13.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 23rd. Shareholders of record on Tuesday, October 26th will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, October 25th. This represents a $1.12 annualized dividend and a dividend yield of 2.08%. Fastenal’s dividend payout ratio is currently 75.17%.

In related news, VP Charles S. Miller sold 35,141 shares of the firm’s stock in a transaction that occurred on Monday, August 2nd. The shares were sold at an average price of $55.10, for a total value of $1,936,269.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Joseph Drazkowski sold 15,126 shares of the firm’s stock in a transaction that occurred on Friday, August 20th. The stock was sold at an average price of $55.99, for a total transaction of $846,904.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 2,265 shares of company stock worth $123,014 and have sold 142,089 shares worth $7,910,739. 0.56% of the stock is owned by company insiders.

A number of brokerages recently weighed in on FAST. Stephens increased their price target on shares of Fastenal from $60.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 23rd. Morgan Stanley downgraded shares of Fastenal from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $53.00 to $48.00 in a report on Tuesday, June 15th. They noted that the move was a valuation call. Robert W. Baird increased their price target on shares of Fastenal from $54.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, July 14th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Tuesday, September 28th. Finally, Wells Fargo & Company downgraded shares of Fastenal from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $50.00 to $45.00 in a report on Friday, October 8th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $53.50.

Fastenal Company Profile

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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