Zacks: Brokerages Anticipate Fastenal (FAST) Will Post Earnings of $0.60 Per Share

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Brokerages forecast that Fastenal (NASDAQ:FAST) will post $0.60 earnings per share for the current quarter, Zacks reports. Eight analysts have issued estimates for Fastenal’s earnings, with estimates ranging from $0.58 to $0.61. Fastenal reported earnings per share of $0.45 during the same quarter last year, which indicates a positive year-over-year growth rate of 33.3%. The company is scheduled to report its next quarterly earnings results before the market opens on Thursday, January 17th.

On average, analysts expect that Fastenal will report full year earnings of $2.60 per share for the current year, with EPS estimates ranging from $2.57 to $2.62. For the next fiscal year, analysts forecast that the company will post earnings of $2.78 per share, with EPS estimates ranging from $2.69 to $2.87. Zacks’ EPS averages are an average based on a survey of sell-side research firms that that provide coverage for Fastenal.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company earned $0.50 earnings per share. The company’s revenue was up 13.0% on a year-over-year basis.

FAST has been the topic of a number of recent research reports. Zacks Investment Research raised Fastenal from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Wednesday, October 3rd. Longbow Research raised Fastenal from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a research report on Tuesday, December 4th. They noted that the move was a valuation call. BidaskClub raised Fastenal from a “hold” rating to a “buy” rating in a research report on Saturday, November 17th. ValuEngine raised Fastenal from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Finally, Morgan Stanley initiated coverage on Fastenal in a report on Tuesday, December 18th. They issued an “equal weight” rating and a $55.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $56.77.

Fastenal stock opened at $54.48 on Tuesday. Fastenal has a twelve month low of $47.37 and a twelve month high of $61.14. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35. The firm has a market cap of $15.47 billion, a PE ratio of 28.23, a P/E/G ratio of 1.21 and a beta of 1.11.

In related news, insider William Joseph Drazkowski purchased 830 shares of Fastenal stock in a transaction dated Tuesday, October 23rd. The stock was bought at an average cost of $50.54 per share, for a total transaction of $41,948.20. Following the transaction, the insider now owns 2,790 shares in the company, valued at $141,006.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael John Dolan sold 5,000 shares of Fastenal stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now owns 15,000 shares of the company’s stock, valued at $900,000. The disclosure for this sale can be found here. Insiders purchased 2,295 shares of company stock worth $117,844 in the last three months. 0.56% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of FAST. Webster Bank N. A. increased its stake in shares of Fastenal by 0.6% during the 4th quarter. Webster Bank N. A. now owns 67,884 shares of the company’s stock worth $3,549,000 after purchasing an additional 408 shares in the last quarter. Hilltop Holdings Inc. increased its stake in shares of Fastenal by 13.8% during the 3rd quarter. Hilltop Holdings Inc. now owns 7,975 shares of the company’s stock worth $463,000 after purchasing an additional 966 shares in the last quarter. Diversified Investment Strategies LLC increased its stake in shares of Fastenal by 1.3% during the 3rd quarter. Diversified Investment Strategies LLC now owns 80,445 shares of the company’s stock worth $4,667,000 after purchasing an additional 1,035 shares in the last quarter. Mackenzie Financial Corp grew its stake in Fastenal by 22.0% in the 3rd quarter. Mackenzie Financial Corp now owns 6,290 shares of the company’s stock worth $365,000 after acquiring an additional 1,134 shares during the period. Finally, Arizona State Retirement System grew its stake in Fastenal by 1.2% in the 3rd quarter. Arizona State Retirement System now owns 101,466 shares of the company’s stock worth $5,887,000 after acquiring an additional 1,165 shares during the period. Institutional investors own 85.04% 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.

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