Q2 2024 EPS Estimates for Fastenal (NASDAQ:FAST) Decreased by Analyst

Fastenal (NASDAQ:FAST) – Stock analysts at William Blair dropped their Q2 2024 earnings per share (EPS) estimates for Fastenal in a research note issued on Tuesday, July 9th. William Blair analyst R. Merkel now anticipates that the company will earn $0.51 per share for the quarter, down from their previous forecast of $0.52. The consensus estimate for Fastenal’s current full-year earnings is $2.08 per share. William Blair also issued estimates for Fastenal’s Q3 2024 earnings at $0.52 EPS, Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $2.05 EPS and FY2025 earnings at $2.25 EPS.

FAST has been the subject of several other reports. Robert W. Baird decreased their price target on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Stifel Nicolaus upped their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. HSBC raised their price objective on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Jefferies Financial Group lowered their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Loop Capital dropped their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.17.

Fastenal Stock Up 1.0 %

Shares of NASDAQ FAST opened at $64.17 on Wednesday. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $36.74 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 3.36 and a beta of 1.01. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The stock’s fifty day simple moving average is $64.93 and its two-hundred day simple moving average is $68.49.

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

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.43%. Fastenal’s dividend payout ratio (DPR) is presently 77.23%.

Insider Buying and Selling at Fastenal

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

Hedge Funds Weigh In On Fastenal

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in Fastenal by 1.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 453,233 shares of the company’s stock valued at $24,769,000 after purchasing an additional 7,889 shares during the last quarter. Harbour Investments Inc. grew its stake in Fastenal by 4.8% in the 3rd quarter. Harbour Investments Inc. now owns 11,627 shares of the company’s stock valued at $635,000 after acquiring an additional 533 shares during the last quarter. Creative Planning increased its stake in shares of Fastenal by 9.1% during the 3rd quarter. Creative Planning now owns 111,831 shares of the company’s stock worth $6,110,000 after purchasing an additional 9,374 shares in the last quarter. SkyView Investment Advisors LLC increased its position in Fastenal by 7.4% during the third quarter. SkyView Investment Advisors LLC now owns 2,788 shares of the company’s stock worth $153,000 after buying an additional 191 shares in the last quarter. Finally, Graham Capital Management L.P. purchased a new stake in Fastenal during the 3rd quarter worth about $4,262,000. 81.38% of the stock is owned by institutional investors and hedge funds.

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.