Fastenal to Post FY2022 Earnings of $1.89 Per Share, William Blair Forecasts (NASDAQ:FAST)

Fastenal (NASDAQ:FASTGet Rating) – Equities researchers at William Blair cut their FY2022 earnings estimates for shares of Fastenal in a research note issued to investors on Monday, June 6th. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $1.89 for the year, down from their prior estimate of $1.90. William Blair also issued estimates for Fastenal’s FY2023 earnings at $2.03 EPS and FY2024 earnings at $2.16 EPS.

Fastenal (NASDAQ:FASTGet Rating) last announced its quarterly earnings results on Wednesday, April 13th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. Fastenal had a net margin of 15.63% and a return on equity of 32.72%. The business’s revenue was up 20.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.37 EPS.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley lifted their price objective on shares of Fastenal from $53.00 to $56.00 and gave the stock an “underweight” rating in a research report on Thursday, April 14th. Robert W. Baird boosted their price objective on shares of Fastenal from $64.00 to $66.00 in a report on Monday, March 7th. StockNews.com raised shares of Fastenal from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Wells Fargo & Company upped their price target on shares of Fastenal from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 14th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.17.

Shares of FAST stock opened at $54.96 on Wednesday. The company has a quick ratio of 1.92, a current ratio of 4.07 and a debt-to-equity ratio of 0.11. Fastenal has a 52 week low of $48.84 and a 52 week high of $64.75. The stock has a market capitalization of $31.64 billion, a PE ratio of 32.14, a P/E/G ratio of 3.23 and a beta of 1.29. The firm has a 50 day moving average of $55.28 and a two-hundred day moving average of $56.94.

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 25th. Shareholders of record on Wednesday, April 27th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Tuesday, April 26th. Fastenal’s payout ratio is 72.52%.

In other news, Director Michael J. Ancius acquired 650 shares of the company’s stock in a transaction on Thursday, April 14th. The stock was purchased at an average cost of $56.41 per share, with a total value of $36,666.50. Following the acquisition, the director now owns 25,952 shares of the company’s stock, valued at approximately $1,463,952.32. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Ancius acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The stock was acquired at an average price of $51.00 per share, with a total value of $51,000.00. Following the completion of the transaction, the director now directly owns 27,587 shares in the company, valued at approximately $1,406,937. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 1,885 shares of company stock valued at $100,509. 0.40% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sadoff Investment Management LLC raised its position in shares of Fastenal by 1.3% during the third quarter. Sadoff Investment Management LLC now owns 12,628 shares of the company’s stock worth $652,000 after acquiring an additional 168 shares during the last quarter. Koshinski Asset Management Inc. boosted its position in Fastenal by 4.4% in the fourth quarter. Koshinski Asset Management Inc. now owns 4,115 shares of the company’s stock worth $264,000 after purchasing an additional 175 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Fastenal by 7.6% in the first quarter. Penserra Capital Management LLC now owns 2,767 shares of the company’s stock valued at $164,000 after buying an additional 196 shares during the period. PFG Private Wealth Management LLC raised its stake in shares of Fastenal by 13.2% during the 4th quarter. PFG Private Wealth Management LLC now owns 1,728 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares during the period. Finally, Arlington Partners LLC raised its stake in shares of Fastenal by 8.6% during the 4th quarter. Arlington Partners LLC now owns 2,615 shares of the company’s stock valued at $168,000 after purchasing an additional 206 shares during the period. Institutional investors and hedge funds own 77.89% of the company’s stock.

About Fastenal (Get Rating)

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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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