Fastenal (NASDAQ:FAST) – Equities researchers at KeyCorp increased their Q1 2018 earnings estimates for Fastenal in a research note issued to investors on Thursday, Zacks Investment Research reports. KeyCorp analyst S. Barger now expects that the company will earn $0.59 per share for the quarter, up from their previous estimate of $0.50. KeyCorp also issued estimates for Fastenal’s Q2 2018 earnings at $0.64 EPS, Q3 2018 earnings at $0.63 EPS, Q4 2018 earnings at $0.57 EPS and FY2019 earnings at $2.61 EPS.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, January 17th. The company reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. Fastenal had a return on equity of 27.39% and a net margin of 13.18%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the firm earned $0.40 EPS. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year.
Several other analysts also recently issued reports on FAST. Stifel Nicolaus reiterated a “hold” rating and issued a $51.00 price target on shares of Fastenal in a report on Monday, December 11th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, December 26th. Credit Suisse Group reiterated an “outperform” rating and issued a $61.00 price target (up from $52.00) on shares of Fastenal in a report on Tuesday, January 9th. BMO Capital Markets reiterated a “hold” rating and issued a $57.00 price target on shares of Fastenal in a report on Tuesday, January 9th. Finally, Robert W. Baird reiterated a “buy” rating on shares of Fastenal in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Fastenal presently has an average rating of “Buy” and an average price target of $53.29.
Shares of Fastenal (NASDAQ:FAST) traded up $1.08 during midday trading on Monday, reaching $54.65. The company had a trading volume of 2,536,424 shares, compared to its average volume of 3,274,385. Fastenal has a 52-week low of $39.79 and a 52-week high of $57.81. The firm has a market cap of $15,600.00, a P/E ratio of 25.90, a P/E/G ratio of 1.51 and a beta of 1.03. The company has a current ratio of 5.51, a quick ratio of 2.40 and a debt-to-equity ratio of 0.20.
Hedge funds have recently modified their holdings of the company. Korea Investment CORP lifted its position in shares of Fastenal by 62.5% during the third quarter. Korea Investment CORP now owns 76,983 shares of the company’s stock worth $3,509,000 after purchasing an additional 29,600 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new position in shares of Fastenal during the third quarter worth about $303,000. Raymond James Financial Services Advisors Inc. lifted its position in shares of Fastenal by 39.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 133,651 shares of the company’s stock worth $6,092,000 after purchasing an additional 37,895 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Fastenal by 4.6% during the second quarter. Royal Bank of Canada now owns 1,325,844 shares of the company’s stock worth $57,714,000 after purchasing an additional 58,377 shares during the last quarter. Finally, Griffin Asset Management Inc. bought a new position in shares of Fastenal during the third quarter worth about $550,000. 84.23% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Terry Modock Owen sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $48.02, for a total transaction of $1,440,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary A. Polipnick sold 2,634 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $53.45, for a total transaction of $140,787.30. Following the transaction, the insider now directly owns 59,323 shares in the company, valued at approximately $3,170,814.35. The disclosure for this sale can be found here. Insiders have sold 78,884 shares of company stock valued at $4,059,512 over the last 90 days. Insiders own 0.55% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Wednesday, January 31st will be paid a dividend of $0.37 per share. The ex-dividend date is Tuesday, January 30th. This is an increase from Fastenal’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a dividend yield of 2.71%. Fastenal’s dividend payout ratio (DPR) is currently 70.14%.
ILLEGAL ACTIVITY WARNING: This news story was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright law. The legal version of this news story can be read at https://www.dispatchtribunal.com/2018/02/15/keycorp-research-analysts-boost-earnings-estimates-for-fastenal-fast.html.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
Get a free copy of the Zacks research report on Fastenal (FAST)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with MarketBeat.com's FREE daily email newsletter.