Fastenal Company (FAST) Posts Quarterly Earnings Results, Meets Estimates
Fastenal Company (NASDAQ:FAST) issued its quarterly earnings results on Wednesday. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50, Bloomberg Earnings reports. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.79%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is 68.09%.
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Several equities analysts have recently issued reports on the company. BidaskClub lowered Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $46.00 price target (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. Stephens set a $54.00 price target on Fastenal and gave the company a “buy” rating in a research note on Wednesday. KeyCorp reaffirmed a “buy” rating and set a $52.00 price target on shares of Fastenal in a research note on Thursday. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $51.00 price target (up previously from $46.00) on shares of Fastenal in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $50.80.
In related news, Director Stephen L. Eastman bought 800 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were purchased at an average cost of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider William Joseph Drazkowski bought 1,000 shares of the business’s stock in a transaction on Friday, July 21st. The shares were bought at an average cost of $42.36 per share, for a total transaction of $42,360.00. Following the completion of the acquisition, the insider now directly owns 1,960 shares in the company, valued at approximately $83,025.60. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,400 shares of company stock worth $142,960 over the last ninety days. Company insiders own 0.55% of the company’s stock.
Fastenal announced that its Board of Directors has initiated a stock repurchase program on Tuesday, July 11th that allows the company to repurchase 5,000,000 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Fastenal Company Profile
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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