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

Fastenal (NASDAQ:FAST) released its quarterly earnings results on Tuesday. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26, Zacks reports. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the previous year, the company earned $0.46 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year.

Fastenal Stock Up 0.5%

Shares of NASDAQ:FAST opened at $43.74 on Tuesday. The firm has a market capitalization of $50.22 billion, a PE ratio of 40.88, a price-to-earnings-growth ratio of 3.14 and a beta of 0.90. Fastenal has a 1 year low of $35.31 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The firm’s 50-day moving average is $41.22 and its two-hundred day moving average is $44.43.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be given a $0.24 dividend. The ex-dividend date of this dividend is Thursday, January 29th. This represents a $0.96 annualized dividend and a yield of 2.2%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is presently 82.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Barclays reduced their price objective on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, November 13th. Robert W. Baird lowered their target price on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $48.73.

Insider Activity at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the acquisition, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This trade represents a 11.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sarah N. Nielsen bought 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The shares were acquired at an average cost of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at $198,000. This trade represents a 25.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 0.37% of the company’s stock.

Institutional Trading of Fastenal

Several hedge funds have recently modified their holdings of FAST. Brighton Jones LLC acquired a new stake in Fastenal in the 4th quarter valued at about $496,000. Integrated Wealth Concepts LLC raised its holdings in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Quantbot Technologies LP purchased a new position in Fastenal in the second quarter worth approximately $158,000. Jump Financial LLC purchased a new position in Fastenal in the second quarter worth approximately $2,199,000. Finally, Cary Street Partners Financial LLC grew its holdings in Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after acquiring an additional 1,771 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.