Analysts forecast that Fastenal (NASDAQ:FAST) will post $1.67 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Fastenal’s earnings, with the highest sales estimate coming in at $1.69 billion and the lowest estimate coming in at $1.62 billion. Fastenal posted sales of $1.42 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 17.6%. The company is scheduled to announce its next earnings results on Tuesday, April 12th.
According to Zacks, analysts expect that Fastenal will report full-year sales of $6.77 billion for the current financial year, with estimates ranging from $6.67 billion to $6.83 billion. For the next year, analysts expect that the firm will post sales of $7.25 billion, with estimates ranging from $7.13 billion to $7.41 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Fastenal.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, January 19th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Fastenal had a return on equity of 31.69% and a net margin of 15.39%. Fastenal’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 EPS.
FAST has been the subject of a number of research analyst reports. Loop Capital increased their target price on Fastenal from $53.00 to $57.00 and gave the company a “hold” rating in a report on Tuesday, December 7th. They noted that the move was a valuation call. Morgan Stanley increased their target price on Fastenal from $53.00 to $54.00 and gave the company an “underweight” rating in a report on Thursday, January 20th. Robert W. Baird increased their target price on Fastenal from $63.00 to $64.00 in a report on Thursday, January 20th. Finally, Wells Fargo & Company upped their price target on Fastenal from $45.00 to $50.00 in a research report on Thursday, January 20th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $57.83.
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Shares of Fastenal stock opened at $51.20 on Friday. The business has a 50 day simple moving average of $58.60 and a two-hundred day simple moving average of $57.12. Fastenal has a 12 month low of $43.37 and a 12 month high of $64.75. The stock has a market capitalization of $29.47 billion, a P/E ratio of 31.80, a PEG ratio of 3.25 and a beta of 1.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.19 and a quick ratio of 1.95.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 2nd. Stockholders of record on Wednesday, February 2nd will be given a $0.31 dividend. The ex-dividend date is Tuesday, February 1st. This is a positive change from Fastenal’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.42%. Fastenal’s dividend payout ratio is 77.02%.
In related news, insider William Joseph Drazkowski sold 6,630 shares of the stock in a transaction that occurred on Tuesday, December 7th. The stock was sold at an average price of $62.99, for a total value of $417,623.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Ancius acquired 730 shares of the stock in a transaction that occurred on Thursday, January 20th. The stock was acquired at an average price of $57.18 per share, with a total value of $41,741.40. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Select Equity Group L.P. boosted its holdings in Fastenal by 334.5% during the 4th quarter. Select Equity Group L.P. now owns 6,465,002 shares of the company’s stock valued at $414,148,000 after acquiring an additional 4,977,181 shares during the period. Amundi purchased a new stake in Fastenal during the second quarter worth about $189,782,000. Morgan Stanley increased its stake in Fastenal by 95.0% during the second quarter. Morgan Stanley now owns 5,677,838 shares of the company’s stock worth $295,246,000 after purchasing an additional 2,766,806 shares during the period. Marathon Asset Mgmt Ltd purchased a new stake in Fastenal during the third quarter worth about $127,166,000. Finally, California Public Employees Retirement System increased its stake in Fastenal by 67.8% during the third quarter. California Public Employees Retirement System now owns 4,302,376 shares of the company’s stock worth $222,046,000 after purchasing an additional 1,738,999 shares during the period. Institutional investors and hedge funds own 77.18% of the company’s stock.
About Fastenal
Fastenal Co engages in the provision of fasteners, tools, and supplies which can help in the manufacture of products, build structures, protect personnel, and maintain facilities and equipment. It products include cutting tools & metalworking, fasteners, material handling, storage & packaging power, transmission & motors, tools & equipment, electricals, abrasives, hydraulics & pneumatics, plumbing, lifting & rigging, raw materials, fleet & automotive, welding, office products & furniture, janitorial and lighting.
Further Reading
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