Fastenal to Post Q3 2024 Earnings of $0.51 Per Share, William Blair Forecasts (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – Stock analysts at William Blair lowered their Q3 2024 EPS estimates for shares of Fastenal in a report issued on Tuesday, August 6th. William Blair analyst R. Merkel now forecasts that the company will post earnings per share of $0.51 for the quarter, down from their prior estimate of $0.52. The consensus estimate for Fastenal’s current full-year earnings is $2.05 per share. William Blair also issued estimates for Fastenal’s FY2024 earnings at $2.03 EPS and FY2025 earnings at $2.23 EPS.

FAST has been the topic of several other reports. Stephens reissued an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Loop Capital decreased their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Robert W. Baird decreased their price target on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Jefferies Financial Group decreased their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $80.00 price target (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $66.67.

Fastenal Price Performance

FAST stock opened at $66.17 on Wednesday. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The firm has a market cap of $37.89 billion, a P/E ratio of 32.92, a P/E/G ratio of 3.65 and a beta of 1.01. The company’s 50-day moving average price is $65.57 and its two-hundred day moving average price is $69.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period last year, the firm earned $0.52 earnings per share. Fastenal’s revenue for the quarter was up 1.8% compared to the same quarter last year.

Institutional Investors Weigh In On Fastenal

A number of institutional investors and hedge funds have recently modified their holdings of FAST. Essex Financial Services Inc. increased its position in shares of Fastenal by 1.8% in the fourth quarter. Essex Financial Services Inc. now owns 8,539 shares of the company’s stock worth $553,000 after purchasing an additional 148 shares during the last quarter. Penobscot Investment Management Company Inc. increased its position in shares of Fastenal by 1.1% in the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after purchasing an additional 150 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Fastenal by 0.8% in the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock worth $1,237,000 after purchasing an additional 152 shares during the last quarter. Hartford Financial Management Inc. increased its position in shares of Fastenal by 46.9% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after purchasing an additional 153 shares during the last quarter. Finally, Sara Bay Financial increased its position in shares of Fastenal by 1.3% in the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after purchasing an additional 155 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In related news, Director Hsenghung Sam Hsu purchased 500 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average cost of $63.28 per share, with a total value of $31,640.00. Following the acquisition, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP James C. Jansen sold 11,428 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the sale, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Hsenghung Sam Hsu purchased 500 shares of the stock in a transaction dated Monday, June 10th. The stock was purchased at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now owns 3,500 shares of the company’s stock, valued at approximately $221,480. The disclosure for this purchase can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.36%. Fastenal’s payout ratio is 77.61%.

Fastenal Company Profile

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.