Zacks: Analysts Expect Fastenal (FAST) Will Announce Earnings of $0.60 Per Share

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Wall Street brokerages predict that Fastenal (NASDAQ:FAST) will post earnings of $0.60 per share for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Fastenal’s earnings, with estimates ranging from $0.58 to $0.61. Fastenal reported earnings of $0.45 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 33.3%. The business is scheduled to report its next earnings results on Wednesday, January 16th.

According to Zacks, analysts expect that Fastenal will report full year earnings of $2.58 per share for the current financial year, with EPS estimates ranging from $2.51 to $2.62. For the next financial year, analysts anticipate that the company will post earnings of $2.78 per share, with EPS estimates ranging from $2.69 to $2.87. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that that provide coverage for Fastenal.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS.

FAST has been the topic of several research analyst reports. Northcoast Research reiterated a “buy” rating and issued a $62.00 price target on shares of Fastenal in a research note on Friday, July 27th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Wednesday, October 3rd. Wells Fargo & Co set a $50.00 price target on shares of Fastenal and gave the stock a “hold” rating in a research note on Thursday, October 11th. ValuEngine upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. Finally, BidaskClub upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a report on Tuesday, August 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Fastenal presently has a consensus rating of “Hold” and a consensus target price of $56.40.

FAST stock traded up $1.19 during mid-day trading on Wednesday, hitting $54.69. The company had a trading volume of 1,914,893 shares, compared to its average volume of 2,888,342. The stock has a market cap of $15.15 billion, a P/E ratio of 28.34, a PEG ratio of 1.46 and a beta of 1.01. Fastenal has a 12-month low of $46.72 and a 12-month high of $61.14. The company has a quick ratio of 2.48, a current ratio of 5.35 and a debt-to-equity ratio of 0.17.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.93%. Fastenal’s dividend payout ratio (DPR) is presently 82.90%.

In other Fastenal news, Director Daniel L. Johnson bought 965 shares of Fastenal stock in a transaction dated Monday, October 22nd. The shares were purchased at an average cost of $51.56 per share, for a total transaction of $49,755.40. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel L. Florness bought 2,000 shares of Fastenal stock in a transaction dated Friday, October 12th. The stock was acquired at an average price of $51.95 per share, for a total transaction of $103,900.00. Following the completion of the acquisition, the chief executive officer now owns 99,845 shares in the company, valued at $5,186,947.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 5,795 shares of company stock worth $299,849. Insiders own 0.56% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Trust Department MB Financial Bank N A bought a new position in Fastenal during the 2nd quarter valued at about $137,000. Delta Asset Management LLC TN grew its holdings in Fastenal by 3,540.7% during the 3rd quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock valued at $182,000 after purchasing an additional 3,045 shares during the last quarter. Canton Hathaway LLC bought a new position in Fastenal during the 3rd quarter valued at about $186,000. Twin Tree Management LP bought a new position in Fastenal during the 2nd quarter valued at about $203,000. Finally, Meyer Handelman Co. bought a new position in Fastenal during the 3rd quarter valued at about $203,000. Hedge funds and other institutional investors own 86.30% of the company’s stock.

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.

See Also: Price to Earnings Ratio (PE) Basics

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Earnings History and Estimates for Fastenal (NASDAQ:FAST)

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