Zacks Research Analysts Decrease Earnings Estimates for Fastenal (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – Stock analysts at Zacks Research dropped their Q2 2024 earnings estimates for Fastenal in a note issued to investors on Tuesday, June 25th. Zacks Research analyst S. Mukherjee now expects that the company will post earnings of $0.53 per share for the quarter, down from their prior forecast of $0.54. The consensus estimate for Fastenal’s current full-year earnings is $2.08 per share. Zacks Research also issued estimates for Fastenal’s Q3 2024 earnings at $0.54 EPS, FY2024 earnings at $2.11 EPS, Q2 2025 earnings at $0.57 EPS, Q3 2025 earnings at $0.58 EPS, FY2025 earnings at $2.25 EPS and FY2026 earnings at $2.38 EPS.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. Fastenal’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 EPS.

A number of other research analysts have also recently issued reports on FAST. Loop Capital reduced their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research note on Monday, April 15th. Robert W. Baird dropped their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. HSBC increased their price target on shares of Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus upped their target price on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $68.80.

Fastenal Price Performance

Shares of Fastenal stock opened at $62.84 on Thursday. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The business’s 50-day moving average price is $65.84 and its 200-day moving average price is $68.59. The firm has a market capitalization of $35.98 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 3.39 and a beta of 1.02.

Institutional Investors Weigh In On Fastenal

Institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its stake in Fastenal by 5.7% during the fourth quarter. Van ECK Associates Corp now owns 101,713 shares of the company’s stock valued at $6,588,000 after purchasing an additional 5,509 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in shares of Fastenal during the fourth quarter valued at $747,000. Raymond James & Associates boosted its stake in shares of Fastenal by 3.7% during the fourth quarter. Raymond James & Associates now owns 900,171 shares of the company’s stock valued at $58,304,000 after purchasing an additional 31,814 shares during the period. Focus Financial Network Inc. ADV bought a new position in shares of Fastenal in the fourth quarter worth about $1,282,000. Finally, ICW Investment Advisors LLC increased its stake in Fastenal by 2.0% in the 4th quarter. ICW Investment Advisors LLC now owns 36,090 shares of the company’s stock worth $2,338,000 after buying an additional 694 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other news, Director Daniel L. Johnson purchased 3,350 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was acquired at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the purchase, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP James C. Jansen sold 11,428 shares of Fastenal stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total transaction of $732,191.96. Following the transaction, the executive vice president now owns 26,176 shares in the company, valued at approximately $1,677,096.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel L. Johnson acquired 3,350 shares of the stock in a transaction dated Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the transaction, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. The disclosure for this purchase can be found here. 0.41% of the stock is owned by insiders.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.48%. The ex-dividend date was Wednesday, April 24th. Fastenal’s dividend payout ratio is currently 77.23%.

About Fastenal

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.