Q2 2024 Earnings Estimate for Fastenal (NASDAQ:FAST) Issued By William Blair

Fastenal (NASDAQ:FAST) – Investment analysts at William Blair decreased their Q2 2024 earnings estimates for Fastenal in a report issued on Monday, May 6th. William Blair analyst R. Merkel now expects that the company will earn $0.52 per share for the quarter, down from their prior estimate of $0.53. The consensus estimate for Fastenal’s current full-year earnings is $2.12 per share. William Blair also issued estimates for Fastenal’s FY2024 earnings at $2.13 EPS.

Several other equities analysts have also commented on the stock. Stifel Nicolaus increased their price target on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Loop Capital dropped their price target on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research note on Monday, April 15th. Robert W. Baird dropped their price target on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, HSBC increased their price target on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and an average price target of $67.33.

Fastenal Stock Performance

Shares of Fastenal stock opened at $67.62 on Wednesday. The firm has a market capitalization of $38.72 billion, a P/E ratio of 33.48, a P/E/G ratio of 3.58 and a beta of 1.07. Fastenal has a 52 week low of $52.86 and a 52 week high of $79.04. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average is $72.63 and its two-hundred day moving average is $67.29.

Fastenal (NASDAQ:FAST) last released its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis.

Institutional Trading of Fastenal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in Fastenal by 3.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,830,951 shares of the company’s stock valued at $751,780,000 after buying an additional 423,112 shares during the period. Morgan Stanley grew its holdings in Fastenal by 4.1% in the 3rd quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock valued at $468,957,000 after buying an additional 337,168 shares during the period. Baird Financial Group Inc. grew its holdings in shares of Fastenal by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after purchasing an additional 1,043,529 shares during the period. Northern Trust Corp grew its holdings in shares of Fastenal by 5.9% during the 3rd quarter. Northern Trust Corp now owns 7,444,498 shares of the company’s stock worth $406,767,000 after purchasing an additional 413,572 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Fastenal by 16.5% during the 3rd quarter. Invesco Ltd. now owns 6,745,302 shares of the company’s stock worth $368,563,000 after purchasing an additional 957,091 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

In other news, Director Daniel L. Johnson acquired 3,350 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were purchased at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the transaction, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jeffery Michael Watts sold 19,420 shares of Fastenal stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $70.25, for a total transaction of $1,364,255.00. Following the completion of the transaction, the insider now owns 5,940 shares of the company’s stock, valued at approximately $417,285. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel L. Johnson bought 3,350 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was purchased at an average cost of $68.38 per share, with a total value of $229,073.00. Following the purchase, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.31%. Fastenal’s dividend payout ratio (DPR) is presently 77.23%.

Fastenal Company Profile

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