Fastenal Company (NASDAQ:FAST) Announces Earnings Results
Fastenal Company (NASDAQ:FAST) issued its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02, RTT News reports. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 earnings per share.
Shares of Fastenal (NASDAQ FAST) traded down 1.35% during trading on Tuesday, reaching $42.49. The company had a trading volume of 2,003,270 shares. The company has a market cap of $12.24 billion, a P/E ratio of 23.38 and a beta of 0.98. Fastenal has a 12-month low of $37.70 and a 12-month high of $52.74. The firm has a 50-day moving average of $43.26 and a 200-day moving average of $46.80.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, July 26th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Monday, July 24th. Fastenal’s dividend payout ratio (DPR) is presently 70.33%.
A number of research analysts have commented on the company. Northcoast Research restated a “buy” rating on shares of Fastenal in a research note on Friday. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Thursday, August 3rd. BidaskClub cut Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. BMO Capital Markets boosted their price target on Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a research note on Friday, July 14th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $46.00 price target (up previously from $45.00) on shares of Fastenal in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. Fastenal currently has a consensus rating of “Buy” and an average target price of $50.14.
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In other news, CFO Holden Lewis acquired 1,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was bought at an average price of $42.51 per share, with a total value of $42,510.00. Following the completion of the acquisition, the chief financial officer now owns 2,000 shares in the company, valued at approximately $85,020. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Daniel L. Johnson acquired 600 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were purchased at an average cost of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 3,600 shares of company stock valued at $154,256. Company insiders own 0.55% of the company’s stock.
Several hedge funds have recently bought and sold shares of FAST. FMR LLC raised its stake in Fastenal by 893.7% in the fourth quarter. FMR LLC now owns 1,145,853 shares of the company’s stock valued at $53,832,000 after buying an additional 1,030,536 shares during the last quarter. Allianz Asset Management AG bought a new stake in shares of Fastenal during the fourth quarter worth $2,235,000. Thrivent Financial for Lutherans raised its stake in shares of Fastenal by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,470 shares of the company’s stock worth $492,000 after buying an additional 620 shares in the last quarter. Numeric Investors LLC bought a new stake in shares of Fastenal during the fourth quarter worth $254,000. Finally, Perigon Wealth Management LLC raised its stake in shares of Fastenal by 25.2% in the fourth quarter. Perigon Wealth Management LLC now owns 11,518 shares of the company’s stock worth $597,000 after buying an additional 2,320 shares in the last quarter. 82.54% of the stock is owned by institutional investors.
Fastenal declared that its Board of Directors has initiated a share repurchase program on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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