Fastenal (NASDAQ:FAST) Hits New 1-Year High After Better-Than-Expected Earnings

Shares of Fastenal (NASDAQ:FAST) reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $36.50 and last traded at $35.91, with a volume of 5400890 shares changing hands. The stock had previously closed at $31.02.

The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same period in the previous year, the business earned $0.34 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on the stock. BidaskClub raised shares of Fastenal from a “hold” rating to a “buy” rating in a research report on Saturday, October 5th. Cleveland Research reissued a “hold” rating on shares of Fastenal in a research report on Tuesday, September 24th. Raymond James cut their price objective on shares of Fastenal from $39.00 to $37.00 and set a “strong-buy” rating for the company in a research report on Friday, July 12th. Wells Fargo & Co cut their price objective on shares of Fastenal from $35.00 to $30.00 and set a “market perform” rating for the company in a research report on Friday, July 12th. Finally, Buckingham Research boosted their price objective on shares of Fastenal from $29.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $31.64.

In related news, CAO Sheryl Ann Lisowski sold 5,615 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $33.50, for a total value of $188,102.50. Following the completion of the transaction, the chief accounting officer now owns 10,382 shares of the company’s stock, valued at approximately $347,797. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Ancius bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $28.99 per share, with a total value of $28,990.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 4,604 shares of company stock valued at $138,479. Insiders own 0.56% of the company’s stock.

A number of institutional investors have recently modified their holdings of FAST. Meiji Yasuda Asset Management Co Ltd. bought a new position in Fastenal in the 1st quarter worth $241,000. Advisory Services Network LLC boosted its holdings in shares of Fastenal by 45.0% during the 1st quarter. Advisory Services Network LLC now owns 25,229 shares of the company’s stock valued at $1,622,000 after purchasing an additional 7,827 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Fastenal by 11.8% during the 1st quarter. Nordea Investment Management AB now owns 1,776,845 shares of the company’s stock valued at $114,271,000 after purchasing an additional 187,103 shares during the last quarter. Cacti Asset Management LLC boosted its holdings in shares of Fastenal by 100.0% during the 2nd quarter. Cacti Asset Management LLC now owns 14,790 shares of the company’s stock valued at $476,000 after purchasing an additional 7,395 shares during the last quarter. Finally, First Financial Bank Trust Division boosted its holdings in shares of Fastenal by 113.1% during the 2nd quarter. First Financial Bank Trust Division now owns 142,626 shares of the company’s stock valued at $4,648,000 after purchasing an additional 75,687 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

The firm’s fifty day simple moving average is $31.59 and its 200 day simple moving average is $41.89. The firm has a market cap of $20.84 billion, a P/E ratio of 27.53, a P/E/G ratio of 1.43 and a beta of 1.24. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 4.68.

Fastenal Company Profile (NASDAQ:FAST)

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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