FY2017 Earnings Estimate for Fastenal Company Issued By William Blair (FAST)
Fastenal Company (NASDAQ:FAST) – Stock analysts at William Blair lifted their FY2017 earnings estimates for Fastenal in a report issued on Wednesday. William Blair analyst R. Merkel now anticipates that the company will earn $1.92 per share for the year, up from their prior forecast of $1.91.
A number of other brokerages have also commented on FAST. BMO Capital Markets reiterated a “market perform” rating and issued a $51.00 price objective (up from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 price objective (up from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. Stephens set a $54.00 price objective on Fastenal and gave the company a “buy” rating in a research report on Wednesday, October 11th. KeyCorp reiterated a “buy” rating and issued a $52.00 price objective on shares of Fastenal in a research report on Thursday. Finally, BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $50.80.
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Shares of Fastenal (NASDAQ:FAST) opened at 46.58 on Monday. The company has a market cap of $13.39 billion, a P/E ratio of 24.84 and a beta of 1.00. The stock has a 50 day moving average price of $44.17 and a 200-day moving average price of $44.23. Fastenal has a 1-year low of $37.88 and a 1-year high of $52.74.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the business earned $0.44 EPS. The company’s quarterly revenue was up 11.8% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is currently 68.09%.
Fastenal announced that its Board of Directors has approved a stock buyback program on Tuesday, July 11th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In related news, Director Stephen L. Eastman purchased 800 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were bought at an average price of $40.58 per share, with a total value of $32,464.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The disclosure for this sale can be found here. In the last three months, insiders bought 2,400 shares of company stock worth $100,450. 0.55% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Commonwealth Bank of Australia raised its stake in Fastenal by 44.9% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock worth $104,000 after buying an additional 753 shares during the period. Parkside Financial Bank & Trust raised its stake in Fastenal by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock worth $132,000 after buying an additional 88 shares during the period. FNY Managed Accounts LLC acquired a new stake in Fastenal during the 1st quarter worth $133,000. Krilogy Financial LLC raised its stake in Fastenal by 2.0% during the 2nd quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after buying an additional 70 shares during the period. Finally, CENTRAL TRUST Co raised its stake in Fastenal by 13.4% during the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock worth $159,000 after buying an additional 433 shares during the period. 83.01% of the stock is currently owned by institutional investors and hedge funds.
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.
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