Q3 2023 EPS Estimates for Fastenal Lowered by Analyst (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – William Blair cut their Q3 2023 earnings per share (EPS) estimates for shares of Fastenal in a report issued on Thursday, September 7th. William Blair analyst R. Merkel now expects that the company will post earnings of $0.50 per share for the quarter, down from their previous estimate of $0.51. The consensus estimate for Fastenal’s current full-year earnings is $1.98 per share. William Blair also issued estimates for Fastenal’s FY2024 earnings at $2.05 EPS.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, July 13th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 34.63% and a net margin of 15.52%. The firm had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the firm earned $0.50 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis.

A number of other equities analysts have also weighed in on the stock. Stephens lowered shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a research report on Thursday, July 13th. They noted that the move was a valuation call. StockNews.com initiated coverage on Fastenal in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Robert W. Baird increased their price target on Fastenal from $57.00 to $60.00 in a report on Friday, July 14th. Finally, Jefferies Financial Group boosted their price objective on Fastenal from $50.00 to $60.00 in a research note on Friday, June 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $56.67.

Fastenal Trading Down 1.5 %

Shares of FAST opened at $54.51 on Monday. Fastenal has a 52-week low of $43.73 and a 52-week high of $59.43. The stock has a market cap of $31.14 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 3.10 and a beta of 1.16. The firm’s fifty day moving average is $57.44 and its two-hundred day moving average is $55.22. The company has a quick ratio of 2.13, a current ratio of 4.26 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On Fastenal

Hedge funds and other institutional investors have recently bought and sold shares of the company. Roundview Capital LLC boosted its stake in shares of Fastenal by 0.6% in the first quarter. Roundview Capital LLC now owns 85,339 shares of the company’s stock valued at $5,069,000 after purchasing an additional 479 shares during the period. Vontobel Holding Ltd. lifted its holdings in Fastenal by 55.3% during the 1st quarter. Vontobel Holding Ltd. now owns 19,099 shares of the company’s stock worth $1,140,000 after buying an additional 6,797 shares in the last quarter. Sei Investments Co. boosted its position in Fastenal by 18.1% in the 1st quarter. Sei Investments Co. now owns 239,760 shares of the company’s stock valued at $14,218,000 after buying an additional 36,709 shares during the period. Cetera Investment Advisers grew its stake in shares of Fastenal by 24.6% in the first quarter. Cetera Investment Advisers now owns 26,251 shares of the company’s stock worth $1,559,000 after acquiring an additional 5,190 shares in the last quarter. Finally, Moors & Cabot Inc. increased its position in shares of Fastenal by 9.0% during the first quarter. Moors & Cabot Inc. now owns 9,534 shares of the company’s stock worth $566,000 after acquiring an additional 786 shares during the period. 78.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Terry Modock Owen sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $56.15, for a total transaction of $1,123,000.00. Following the completion of the sale, the chief operating officer now directly owns 7,000 shares of the company’s stock, valued at approximately $393,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Michael J. Ancius purchased 500 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were bought at an average cost of $57.53 per share, for a total transaction of $28,765.00. Following the completion of the purchase, the director now directly owns 28,765 shares of the company’s stock, valued at $1,654,850.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Terry Modock Owen sold 20,000 shares of Fastenal stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $56.15, for a total value of $1,123,000.00. Following the completion of the sale, the chief operating officer now directly owns 7,000 shares of the company’s stock, valued at $393,050. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, July 27th were given a $0.35 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.40 dividend on an annualized basis and a yield of 2.57%. Fastenal’s dividend payout ratio is currently 71.07%.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.