Q2 2024 Earnings Forecast for Fastenal (NASDAQ:FAST) Issued By Zacks Research

Fastenal (NASDAQ:FAST) – Zacks Research reduced their Q2 2024 earnings per share estimates for Fastenal in a note issued to investors on Monday, April 22nd. Zacks Research analyst S. Mukherjee now expects that the company will earn $0.54 per share for the quarter, down from their previous estimate of $0.56. The consensus estimate for Fastenal’s current full-year earnings is $2.13 per share. Zacks Research also issued estimates for Fastenal’s Q4 2024 earnings at $0.52 EPS, FY2024 earnings at $2.12 EPS, Q1 2025 earnings at $0.55 EPS, Q2 2025 earnings at $0.58 EPS, Q4 2025 earnings at $0.55 EPS, FY2025 earnings at $2.27 EPS, Q1 2026 earnings at $0.58 EPS and FY2026 earnings at $2.42 EPS.

FAST has been the topic of a number of other research reports. Loop Capital decreased their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Robert W. Baird lowered their price objective on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Stifel Nicolaus lifted their price objective on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, March 18th. Finally, HSBC increased their target price on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, April 15th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.67.

Fastenal Price Performance

NASDAQ:FAST opened at $67.45 on Tuesday. Fastenal has a 52 week low of $52.28 and a 52 week high of $79.04. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.49 and a current ratio of 4.83. The firm’s 50-day simple moving average is $73.57 and its 200 day simple moving average is $66.55. The firm has a market cap of $38.62 billion, a price-to-earnings ratio of 33.39, a P/E/G ratio of 3.53 and a beta of 1.05.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Wednesday, April 24th. Fastenal’s dividend payout ratio is presently 77.23%.

Insider Activity

In related news, insider William Joseph Drazkowski sold 11,968 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $69.10, for a total transaction of $826,988.80. Following the completion of the sale, the insider now directly owns 5,997 shares in the company, valued at approximately $414,392.70. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider William Joseph Drazkowski sold 11,968 shares of the stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $69.10, for a total value of $826,988.80. Following the completion of the transaction, the insider now owns 5,997 shares of the company’s stock, valued at approximately $414,392.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Anthony Paul Broersma sold 5,586 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total transaction of $387,333.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,050 shares of company stock worth $3,411,049. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Fastenal during the fourth quarter worth about $405,513,000. Confluence Investment Management LLC bought a new stake in Fastenal during the 1st quarter worth approximately $195,459,000. Envestnet Asset Management Inc. increased its position in Fastenal by 47.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company’s stock valued at $256,344,000 after acquiring an additional 1,505,936 shares during the period. TD Asset Management Inc raised its stake in shares of Fastenal by 112.9% during the fourth quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock valued at $173,566,000 after acquiring an additional 1,420,763 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in shares of Fastenal by 15.2% during the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after purchasing an additional 1,043,529 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

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.