Fastenal (NASDAQ:FAST) Releases Earnings Results, Hits Estimates

Fastenal (NASDAQ:FAST) posted its quarterly earnings data on Tuesday. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33, FiscalAI reports. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion.

Fastenal Stock Up 1.2%

Shares of NASDAQ FAST opened at $47.05 on Tuesday. The stock has a market capitalization of $54.02 billion, a PE ratio of 41.27, a P/E/G ratio of 2.94 and a beta of 0.72. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average of $45.60 and a 200-day moving average of $45.09. Fastenal has a 52-week low of $38.97 and a 52-week high of $50.63.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is currently 84.21%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FAST. Claris Financial LLC acquired a new position in shares of Fastenal during the 4th quarter valued at $227,000. Strive Financial Group LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $109,000. Mercer Global Advisors Inc. ADV lifted its position in Fastenal by 31.1% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 300,511 shares of the company’s stock worth $12,059,000 after acquiring an additional 71,262 shares in the last quarter. Beacon Pointe Advisors LLC lifted its position in Fastenal by 15.4% during the 4th quarter. Beacon Pointe Advisors LLC now owns 66,339 shares of the company’s stock worth $2,662,000 after acquiring an additional 8,843 shares in the last quarter. Finally, Delta Global Management LP purchased a new position in Fastenal in the 4th quarter worth approximately $570,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FAST shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the company a “buy” rating in a report on Monday. Barclays upped their price target on Fastenal from $46.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Bank of America lifted their price objective on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $48.31.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.