William Blair Weighs in on Fastenal’s FY2024 Earnings (NASDAQ:FAST)

Fastenal (NASDAQ:FASTFree Report) – Stock analysts at William Blair increased their FY2024 earnings estimates for Fastenal in a research note issued to investors on Tuesday, March 26th. William Blair analyst R. Merkel now forecasts that the company will post earnings of $2.16 per share for the year, up from their prior forecast of $2.15. The consensus estimate for Fastenal’s current full-year earnings is $2.15 per share. William Blair also issued estimates for Fastenal’s FY2025 earnings at $2.30 EPS.

Several other equities analysts also recently commented on FAST. Robert W. Baird upped their price objective on shares of Fastenal from $74.00 to $77.00 and gave the company a “neutral” rating in a report on Thursday, March 7th. Stifel Nicolaus upped their price objective on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $64.50.

Check Out Our Latest Report on FAST

Fastenal Price Performance

Shares of FAST opened at $76.78 on Wednesday. Fastenal has a 1-year low of $50.30 and a 1-year high of $79.04. The company has a market cap of $43.94 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 4.04 and a beta of 1.05. The company’s fifty day simple moving average is $71.75 and its 200 day simple moving average is $63.93. The company has a current ratio of 4.57, a quick ratio of 2.27 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FASTGet Free Report) last issued its earnings results on Thursday, January 18th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.75 billion. Fastenal had a net margin of 15.72% and a return on equity of 34.31%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.43 earnings per share.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 1st were paid a $0.39 dividend. The ex-dividend date was Wednesday, January 31st. This is an increase from Fastenal’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a dividend yield of 2.03%. Fastenal’s dividend payout ratio is 77.23%.

Insider Activity at Fastenal

In related 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 value of $832,472.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Fastenal news, Director Reyne K. Wisecup sold 34,042 shares of the stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $68.48, for a total transaction of $2,331,196.16. Following the sale, the director now directly owns 20,000 shares in the company, valued at $1,369,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Charles S. Miller sold 11,076 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $75.16, for a total transaction of $832,472.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,682 shares of company stock worth $7,375,853. Corporate insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of large investors have recently bought and sold shares of FAST. Quarry LP grew its stake in Fastenal by 62.3% during the fourth quarter. Quarry LP now owns 409 shares of the company’s stock worth $26,000 after buying an additional 157 shares in the last quarter. Hartford Financial Management Inc. grew its stake in Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after buying an additional 153 shares in the last quarter. Resurgent Financial Advisors LLC acquired a new stake in Fastenal during the fourth quarter worth about $33,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Fastenal during the fourth quarter worth about $35,000. Finally, Sunbelt Securities Inc. boosted its stake in shares of Fastenal by 131.7% in the 2nd quarter. Sunbelt Securities Inc. now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 341 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

About Fastenal

(Get Free Report)

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.

See Also

Earnings History and Estimates for Fastenal (NASDAQ:FAST)

Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with MarketBeat.com's FREE daily email newsletter.