Fastenal Company (NASDAQ:FAST) – Analysts at Northcoast Research upped their Q3 2017 EPS estimates for Fastenal in a research report issued to clients and investors on Tuesday. Northcoast Research analyst T. Hayes now anticipates that the company will post earnings per share of $0.52 for the quarter, up from their prior forecast of $0.48. Northcoast Research has a “Buy” rating and a $54.00 price objective on the stock. Northcoast Research also issued estimates for Fastenal’s Q4 2017 earnings at $0.45 EPS, FY2017 earnings at $1.95 EPS and FY2018 earnings at $2.18 EPS.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Fastenal had a net margin of 12.71% and a return on equity of 26.86%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the firm earned $0.46 earnings per share. Fastenal’s revenue for the quarter was up 10.6% compared to the same quarter last year.
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Several other equities research analysts also recently commented on FAST. UBS AG raised shares of Fastenal from a “market perform” rating to an “outperform” rating in a report on Wednesday, April 19th. BMO Capital Markets upped their price objective on shares of Fastenal from $49.00 to $51.00 and gave the company a “no rating at time” rating in a report on Friday, July 14th. Stifel Nicolaus reaffirmed a “hold” rating and set a $46.00 price objective (up from $45.00) on shares of Fastenal in a report on Friday, July 14th. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of Fastenal in a report on Tuesday, July 11th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal has a consensus rating of “Buy” and an average target price of $50.20.
Fastenal (FAST) opened at 44.08 on Wednesday. The company has a market capitalization of $12.69 billion, a price-to-earnings ratio of 24.26 and a beta of 0.99. The company’s 50-day moving average is $43.28 and its 200-day moving average is $47.10. Fastenal has a 52-week low of $37.70 and a 52-week high of $52.74.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Monday, July 24th. Fastenal’s dividend payout ratio is presently 70.33%.
Fastenal declared that its board has authorized a stock buyback program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, CFO Holden Lewis purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, May 25th. The shares were purchased at an average cost of $43.76 per share, for a total transaction of $43,760.00. Following the completion of the transaction, the chief financial officer now directly owns 1,000 shares in the company, valued at approximately $43,760. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel L. Johnson purchased 600 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were bought at an average price of $42.71 per share, for a total transaction of $25,626.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 8,600 shares of company stock worth $378,006. Company insiders own 0.55% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Creative Planning boosted its stake in shares of Fastenal by 11.0% in the first quarter. Creative Planning now owns 11,010 shares of the company’s stock valued at $567,000 after buying an additional 1,087 shares in the last quarter. Curbstone Financial Management Corp boosted its stake in shares of Fastenal by 2.9% in the first quarter. Curbstone Financial Management Corp now owns 5,593 shares of the company’s stock valued at $288,000 after buying an additional 160 shares in the last quarter. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Fastenal by 3.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 251,864 shares of the company’s stock valued at $12,971,000 after buying an additional 7,250 shares in the last quarter. Deane Retirement Strategies Inc. bought a new stake in shares of Fastenal during the first quarter valued at $1,724,000. Finally, Liberty Capital Management Inc. boosted its stake in shares of Fastenal by 6.9% in the first quarter. Liberty Capital Management Inc. now owns 38,575 shares of the company’s stock valued at $1,987,000 after buying an additional 2,490 shares in the last quarter. Hedge funds and other institutional investors own 83.12% of the company’s stock.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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