Fastenal (NASDAQ:FAST) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Fastenal (NASDAQ:FAST) announced its earnings results on Thursday. The company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01), RTT News reports. Fastenal had a return on equity of 33.52% and a net margin of 15.16%. The business had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year.
FAST traded down $0.89 on Thursday, reaching $30.36. 16,637,719 shares of the stock were exchanged, compared to its average volume of 4,733,400. The firm’s 50-day moving average is $31.79. Fastenal has a fifty-two week low of $24.00 and a fifty-two week high of $35.94. The company has a quick ratio of 1.97, a current ratio of 4.31 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $18.07 billion, a price-to-earnings ratio of 23.00, a PEG ratio of 1.42 and a beta of 1.25.
Several research analysts recently weighed in on the company. BidaskClub raised Zebra Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, July 6th. Raymond James set a $39.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Zacks Investment Research raised Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. ValuEngine cut Verso from a “hold” rating to a “sell” rating in a research report on Thursday, May 23rd. Finally, Buckingham Research set a $31.00 price target on Fastenal and gave the stock a “neutral” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. Fastenal currently has a consensus rating of “Hold” and a consensus price target of $31.11.
Several hedge funds have recently modified their holdings of FAST. Berman Capital Advisors LLC acquired a new position in shares of Fastenal in the 4th quarter valued at about $26,000. Investors Research Corp acquired a new position in Fastenal in the 1st quarter worth about $26,000. Strategy Asset Managers LLC acquired a new position in Fastenal in the 1st quarter worth about $32,000. Trustcore Financial Services LLC acquired a new position in Fastenal in the 1st quarter worth about $43,000. Finally, Bremer Bank National Association acquired a new position in Fastenal in the 1st quarter worth about $53,000. 85.36% of the stock is owned by institutional investors and hedge funds.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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