Fastenal Co. to Post FY2016 Earnings of $1.70 Per Share, Northcoast Research Forecasts (FAST)
Fastenal Co. (NASDAQ:FAST) – Northcoast Research dropped their FY2016 earnings per share estimates for Fastenal in a note issued to investors on Wednesday. Northcoast Research analyst T. Hayes now anticipates that the firm will post earnings per share of $1.70 for the year, down from their prior estimate of $1.72. Northcoast Research also issued estimates for Fastenal’s Q4 2016 earnings at $0.37 EPS, Q2 2017 earnings at $0.48 EPS, Q3 2017 earnings at $0.46 EPS, Q4 2017 earnings at $0.40 EPS and FY2017 earnings at $1.81 EPS.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.01. The business earned $1.01 billion during the quarter. Fastenal had a net margin of 12.61% and a return on equity of 26.84%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 earnings per share.
A number of other brokerages have also commented on FAST. Morgan Stanley began coverage on shares of Fastenal in a research report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 target price on the stock. Credit Suisse Group AG reaffirmed a “neutral” rating and set a $43.00 target price on shares of Fastenal in a research report on Friday, June 17th. BMO Capital Markets reaffirmed a “market perform” rating and set a $47.00 target price on shares of Fastenal in a research report on Wednesday, July 13th. Macquarie began coverage on shares of Fastenal in a research report on Thursday, August 25th. They set a “neutral” rating and a $50.00 target price on the stock. Finally, Wells Fargo & Co. reaffirmed a “hold” rating on shares of Fastenal in a research report on Sunday, September 4th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the stock. Fastenal has a consensus rating of “Hold” and an average price target of $47.44.
Fastenal (NASDAQ:FAST) traded down 2.82% during trading on Thursday, reaching $37.96. The company had a trading volume of 2,713,310 shares. Fastenal has a 12-month low of $35.10 and a 12-month high of $49.99. The stock has a market capitalization of $10.97 billion, a P/E ratio of 21.69 and a beta of 0.99. The stock has a 50 day moving average of $41.60 and a 200-day moving average of $44.10.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, October 21st. This represents a $1.20 annualized dividend and a dividend yield of 3.07%. Fastenal’s payout ratio is currently 69.77%.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Fastenal by 5.2% in the second quarter. Vanguard Group Inc. now owns 27,835,227 shares of the company’s stock valued at $1,235,606,000 after buying an additional 1,371,768 shares during the last quarter. Polen Capital Management LLC increased its stake in Fastenal by 11.9% in the second quarter. Polen Capital Management LLC now owns 7,163,432 shares of the company’s stock valued at $317,985,000 after buying an additional 764,398 shares during the last quarter. Kleinwort Benson Investors Dublin Ltd bought a new stake in Fastenal during the second quarter valued at approximately $32,518,000. WBI Investments Inc. bought a new stake in Fastenal during the second quarter valued at approximately $20,362,000. Finally, Cornerstone Capital Management LLC bought a new stake in Fastenal during the second quarter valued at approximately $19,486,000. Institutional investors and hedge funds 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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