FY2016 EPS Estimates for Fastenal Co. (FAST) Decreased by KeyCorp
Fastenal Co. (NASDAQ:FAST) – Equities research analysts at KeyCorp cut their FY2016 EPS estimates for Fastenal in a research report issued to clients and investors on Tuesday. KeyCorp analyst R. Cieslak now forecasts that the brokerage will post earnings of $1.71 per share for the year, down from their prior estimate of $1.72. KeyCorp also issued estimates for Fastenal’s Q4 2016 earnings at $0.38 EPS and FY2017 earnings at $1.77 EPS.
Several other equities analysts have also issued reports on the company. Vetr lowered 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. Zacks Investment Research upgraded shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Morgan Stanley assumed coverage on shares of Fastenal in a report on Thursday, July 7th. They issued an “equal weight” rating and a $46.00 target price for the company. BMO Capital Markets reaffirmed a “market perform” rating and issued a $47.00 target price on shares of Fastenal in a report on Wednesday, July 13th. Finally, Credit Suisse Group AG reaffirmed a “neutral” rating and issued a $43.00 target price on shares of Fastenal in a report on Friday, June 17th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $47.44.
Fastenal (NASDAQ:FAST) traded down 2.84% during midday trading on Thursday, reaching $37.95. 2,812,689 shares of the company traded hands. 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 price of $41.60 and a 200-day moving average price of $44.10. The firm has a market capitalization of $10.97 billion, a price-to-earnings ratio of 21.69 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The firm had revenue of $1.01 billion for the quarter. During the same period last year, the company earned $0.47 earnings per share. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position 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 raised its position 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 acquired a new position in Fastenal during the second quarter valued at $32,518,000. WBI Investments Inc. acquired a new position in Fastenal during the second quarter valued at $20,362,000. Finally, Cornerstone Capital Management LLC acquired a new position in Fastenal during the second quarter valued at $19,486,000. Institutional investors and hedge funds own 82.12% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, October 25th will be issued 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 69.77%.
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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