Q2 2024 Earnings Estimate for Fastenal (NASDAQ:FAST) Issued By William Blair

Fastenal (NASDAQ:FAST) – Equities researchers at William Blair lowered their Q2 2024 earnings per share estimates for shares of Fastenal in a research report issued on Monday, May 6th. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $0.52 for the quarter, down from their prior estimate of $0.53. The consensus estimate for Fastenal’s current full-year earnings is $2.12 per share. William Blair also issued estimates for Fastenal’s FY2024 earnings at $2.13 EPS.

FAST has been the topic of a number of other research reports. Robert W. Baird lowered their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday. HSBC boosted their price objective on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Loop Capital lowered their price target on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. Finally, Stifel Nicolaus upped their price target on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $67.33.

Fastenal Stock Performance

FAST stock opened at $67.62 on Wednesday. The business’s 50-day moving average price is $72.63 and its two-hundred day moving average price is $67.29. Fastenal has a 1-year low of $52.86 and a 1-year high of $79.04. The firm has a market cap of $38.72 billion, a PE ratio of 33.48, a P/E/G ratio of 3.58 and a beta of 1.07. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.52 earnings per share.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a yield of 2.31%. Fastenal’s payout ratio is 77.23%.

Insider Activity

In other Fastenal news, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction on Wednesday, April 17th. The stock was acquired at an average cost of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now directly owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Charles S. Miller sold 11,076 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $75.16, for a total transaction of $832,472.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel L. Johnson acquired 3,350 shares of the stock in a transaction dated Wednesday, April 17th. The shares were purchased at an average cost of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The disclosure for this purchase can be found here. Company insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Fastenal

Several hedge funds and other institutional investors have recently modified their holdings of FAST. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Fastenal by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 135,122 shares of the company’s stock worth $7,383,000 after buying an additional 3,359 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in Fastenal by 4.1% in the third quarter. IFM Investors Pty Ltd now owns 110,695 shares of the company’s stock worth $6,048,000 after purchasing an additional 4,359 shares during the period. NBT Bank N A NY purchased a new stake in Fastenal in the third quarter worth about $640,000. Advisor Partners II LLC grew its holdings in Fastenal by 4.2% in the third quarter. Advisor Partners II LLC now owns 21,286 shares of the company’s stock worth $1,163,000 after purchasing an additional 856 shares during the period. Finally, Graypoint LLC grew its holdings in Fastenal by 41.9% in the third quarter. Graypoint LLC now owns 6,442 shares of the company’s stock worth $352,000 after purchasing an additional 1,903 shares during the period. 81.38% of the stock is owned by institutional investors.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.