Fastenal (NASDAQ:FAST) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Fastenal (NASDAQ:FAST) issued its earnings results on Monday. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01), RTT News reports. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. During the same period in the prior year, the company posted $0.26 EPS.

Fastenal Price Performance

Shares of Fastenal stock opened at $45.78 on Monday. The stock has a market cap of $52.54 billion, a price-to-earnings ratio of 44.02, a price-to-earnings-growth ratio of 4.15 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock has a 50 day moving average price of $48.26 and a 200-day moving average price of $43.94. Fastenal has a one year low of $35.31 and a one year high of $50.63.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Fastenal’s payout ratio is 84.62%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FAST. Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an “equal weight” rating in a report on Thursday, July 3rd. Loop Capital restated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Wolfe Research restated a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Finally, Barclays began coverage on Fastenal in a report on Tuesday, October 7th. They set a “positive” rating and a $49.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $47.41.

Insider Buying and Selling

In other news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. The trade was a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 in the last 90 days. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cary Street Partners Financial LLC lifted its holdings in shares of Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares during the period. MUFG Securities EMEA plc purchased a new stake in shares of Fastenal in the 2nd quarter worth $142,000. Resources Management Corp CT ADV lifted its holdings in shares of Fastenal by 100.0% in the 2nd quarter. Resources Management Corp CT ADV now owns 3,600 shares of the company’s stock worth $151,000 after buying an additional 1,800 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Fastenal in the 2nd quarter worth $158,000. Finally, Osterweis Capital Management Inc. lifted its holdings in shares of Fastenal by 99.5% in the 2nd quarter. Osterweis Capital Management Inc. now owns 3,958 shares of the company’s stock worth $166,000 after buying an additional 1,974 shares during the period. 81.38% of the stock is owned by institutional investors.

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.