Fastenal (NASDAQ:FAST) Announces Earnings Results

Fastenal (NASDAQ:FAST) issued its quarterly earnings results on Monday. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01), RTT News reports. The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS.

Fastenal Price Performance

Shares of Fastenal stock opened at $42.33 on Tuesday. The stock has a 50 day moving average of $48.20 and a 200 day moving average of $43.97. Fastenal has a 12 month low of $35.31 and a 12 month high of $50.63. The firm has a market cap of $48.58 billion, a PE ratio of 40.70, a PEG ratio of 4.15 and a beta of 0.94. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio is presently 84.62%.

Analyst Upgrades and Downgrades

A number of analysts have commented on FAST shares. JPMorgan Chase & Co. upped their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. Barclays set a $45.00 price objective on Fastenal in a research note on Tuesday. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $47.05.

Insider Transactions at Fastenal

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the transaction, the chief financial officer directly owned 10,192 shares of the company’s stock, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares of the company’s stock, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock valued at $5,288,364 in the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cary Street Partners Financial LLC boosted its stake in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after buying an additional 1,771 shares during the last quarter. MUFG Securities EMEA plc bought a new stake in shares of Fastenal in the 2nd quarter valued at approximately $142,000. Resources Management Corp CT ADV lifted its stake in shares of Fastenal by 100.0% in the 2nd quarter. Resources Management Corp CT ADV now owns 3,600 shares of the company’s stock valued at $151,000 after purchasing an additional 1,800 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Fastenal in the 2nd quarter valued at approximately $158,000. Finally, Osterweis Capital Management Inc. lifted its stake in shares of Fastenal by 99.5% in the 2nd quarter. Osterweis Capital Management Inc. now owns 3,958 shares of the company’s stock valued at $166,000 after purchasing an additional 1,974 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, 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 that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.