Zacks: Brokerages Anticipate Fastenal (FAST) Will Announce Earnings of $0.67 Per Share

Equities analysts expect that Fastenal (NASDAQ:FAST) will report earnings of $0.67 per share for the current quarter, according to Zacks. Six analysts have issued estimates for Fastenal’s earnings. The lowest EPS estimate is $0.66 and the highest is $0.68. Fastenal posted earnings per share of $0.50 during the same quarter last year, which would indicate a positive year over year growth rate of 34%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, October 10th.

On average, analysts expect that Fastenal will report full-year earnings of $2.56 per share for the current financial year, with EPS estimates ranging from $2.51 to $2.59. For the next financial year, analysts expect that the company will report earnings of $2.79 per share, with EPS estimates ranging from $2.74 to $2.87. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Fastenal.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, July 11th. The company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.08. Fastenal had a return on equity of 30.82% and a net margin of 14.57%. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the previous year, the business earned $0.52 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year.

A number of analysts have commented on FAST shares. BidaskClub downgraded Fastenal from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Wolfe Research began coverage on Fastenal in a report on Wednesday, June 27th. They issued an “underperform” rating for the company. Wells Fargo & Co boosted their price target on Fastenal from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Thursday, July 12th. Northcoast Research reissued a “buy” rating and issued a $62.00 price target on shares of Fastenal in a report on Friday, July 27th. Finally, Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a report on Friday, April 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $55.55.

In other Fastenal news, insider Terry Modock Owen bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 6th. The stock was purchased at an average cost of $51.85 per share, for a total transaction of $103,700.00. Following the completion of the purchase, the insider now owns 2,000 shares of the company’s stock, valued at approximately $103,700. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James C. Jansen sold 29,758 shares of the company’s stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $52.51, for a total value of $1,562,592.58. Following the completion of the transaction, the insider now owns 22,588 shares of the company’s stock, valued at $1,186,095.88. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Country Club Trust Company n.a. acquired a new stake in Fastenal during the second quarter worth about $626,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Fastenal by 6.3% in the second quarter. Robeco Institutional Asset Management B.V. now owns 271,593 shares of the company’s stock worth $13,071,000 after buying an additional 16,001 shares during the period. Steginsky Capital LLC boosted its position in shares of Fastenal by 0.5% in the second quarter. Steginsky Capital LLC now owns 231,482 shares of the company’s stock worth $11,141,000 after buying an additional 1,161 shares during the period. Sei Investments Co. boosted its position in shares of Fastenal by 49.6% in the second quarter. Sei Investments Co. now owns 124,000 shares of the company’s stock worth $5,968,000 after buying an additional 41,095 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Fastenal in the second quarter worth about $1,449,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

FAST traded down $0.16 during trading on Tuesday, reaching $56.26. 1,237,421 shares of the stock were exchanged, compared to its average volume of 4,322,607. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.57 and a current ratio of 5.62. The company has a market cap of $16.19 billion, a price-to-earnings ratio of 29.15, a PEG ratio of 1.57 and a beta of 1.03. Fastenal has a 1 year low of $39.79 and a 1 year high of $58.74.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 22nd. Investors of record on Wednesday, July 25th will be paid a $0.40 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, July 24th. Fastenal’s dividend payout ratio is presently 82.90%.

About Fastenal

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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