Fastenal (NASDAQ:FAST) – Investment analysts at William Blair reduced their Q3 2019 earnings per share (EPS) estimates for shares of Fastenal in a report released on Tuesday, August 6th. William Blair analyst R. Merkel now forecasts that the company will earn $0.34 per share for the quarter, down from their previous forecast of $0.35. William Blair has a “Market Perform” rating on the stock. William Blair also issued estimates for Fastenal’s FY2019 earnings at $1.35 EPS and FY2020 earnings at $1.38 EPS.
Several other research firms have also recently issued reports on FAST. Buckingham Research dropped their price target on Fastenal from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Northcoast Research cut Fastenal from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. They noted that the move was a valuation call. ValuEngine cut Fastenal from a “sell” rating to a “strong sell” rating in a report on Thursday, May 23rd. Morgan Stanley dropped their price target on Fastenal from $31.50 to $29.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Finally, BidaskClub raised Fastenal from a “strong sell” rating to a “sell” rating in a report on Friday, July 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $31.36.
Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, July 11th. The company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.01). Fastenal had a return on equity of 32.27% and a net margin of 14.74%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the previous year, the firm earned $0.37 EPS. Fastenal’s revenue for the quarter was up 7.9% on a year-over-year basis.
A number of large investors have recently made changes to their positions in FAST. Cantillon Capital Management LLC raised its stake in Fastenal by 96.1% during the 2nd quarter. Cantillon Capital Management LLC now owns 6,335,959 shares of the company’s stock valued at $206,488,000 after purchasing an additional 3,105,434 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Fastenal by 108.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,386,857 shares of the company’s stock valued at $142,968,000 after purchasing an additional 2,277,563 shares during the period. Mcdonald Capital Investors Inc. CA raised its stake in Fastenal by 97.0% during the 2nd quarter. Mcdonald Capital Investors Inc. CA now owns 3,803,629 shares of the company’s stock valued at $123,960,000 after purchasing an additional 1,872,476 shares during the period. Confluence Investment Management LLC raised its stake in Fastenal by 98.3% during the 2nd quarter. Confluence Investment Management LLC now owns 3,591,836 shares of the company’s stock valued at $117,058,000 after purchasing an additional 1,780,660 shares during the period. Finally, Schroder Investment Management Group raised its stake in Fastenal by 162.3% during the 2nd quarter. Schroder Investment Management Group now owns 2,606,032 shares of the company’s stock valued at $84,931,000 after purchasing an additional 1,612,347 shares during the period. 85.36% of the stock is currently owned by institutional investors.
In other news, Director Daniel L. Johnson bought 2,500 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were bought at an average cost of $30.49 per share, with a total value of $76,225.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Ancius bought 1,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $28.99 per share, for a total transaction of $28,990.00. The disclosure for this purchase can be found here. Insiders acquired 4,604 shares of company stock worth $138,479 in the last ninety days. 0.56% of the stock is owned by corporate insiders.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Thursday, July 25th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $0.88 annualized dividend and a dividend yield of 2.96%. Fastenal’s dividend payout ratio is currently 66.67%.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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