Fastenal Co. (FAST) Releases Earnings Results, Misses Expectations By $0.01 EPS
Fastenal Co. (NASDAQ:FAST) released its quarterly earnings data on Tuesday. The company reported $0.44 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. Fastenal had a return on equity of 27.83% and a net margin of 12.91%. The firm earned $1.01 billion during the quarter, compared to analyst estimates of $1.01 billion.
Fastenal (NASDAQ:FAST) opened at 42.12 on Tuesday. Fastenal has a one year low of $35.10 and a one year high of $49.99. The firm has a 50 day moving average of $41.86 and a 200 day moving average of $44.17. The firm has a market capitalization of $12.17 billion, a PE ratio of 24.07 and a beta of 0.99.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.85%. Fastenal’s payout ratio is 68.57%.
A number of analysts recently weighed in on FAST shares. Morgan Stanley started coverage on shares of Fastenal in a report on Thursday, July 7th. They issued an “equal weight” rating and a $46.00 price objective on the stock. Zacks Investment Research raised shares of Fastenal from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Vetr cut shares of Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price objective on the stock. in a report on Tuesday, September 6th. Wells Fargo & Co. reissued a “hold” rating on shares of Fastenal in a research note on Sunday, September 4th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $47.00 target price on shares of Fastenal in a research note on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $47.44.
Large investors have recently modified their holdings of the stock. Cantab Capital Partners LLP purchased a new stake in shares of Fastenal during the second quarter valued at approximately $119,000. Van ECK Associates Corp increased its position in shares of Fastenal by 32.0% in the second quarter. Van ECK Associates Corp now owns 3,131 shares of the company’s stock valued at $139,000 after buying an additional 759 shares during the period. Seven Eight Capital LLC bought a new position in shares of Fastenal during the second quarter valued at about $195,000. Johnson Financial Group Inc. increased its position in shares of Fastenal by 342.9% in the second quarter. Johnson Financial Group Inc. now owns 4,473 shares of the company’s stock valued at $199,000 after buying an additional 3,463 shares during the period. Finally, Veritable L.P. increased its position in shares of Fastenal by 9.1% in the second quarter. Veritable L.P. now owns 5,485 shares of the company’s stock valued at $243,000 after buying an additional 458 shares during the period. Institutional investors own 82.12% of the company’s stock.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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