Fastenal (NASDAQ:FAST) Posts Earnings Results, Misses Expectations By $0.01 EPS

Key Points

• Fastenal reported earnings of $0.29 per share, missing analysts' expectations of $0.30 by $0.01.
• The company announced a quarterly dividend of $0.22 per share, payable on November 25th, with an annual yield of 1.9%.
• Several institutional investors have increased their stakes in Fastenal, reflecting ongoing interest in the company despite recent insider stock sales.

Fastenal (NASDAQ:FAST - Get Free Report) announced its quarterly earnings data on Monday. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01), RTT News reports. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.During the same period in the previous year, the business posted $0.26 earnings per share.

Fastenal Price Performance

Shares of Fastenal stock opened at $45.78 on Monday. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The company has a market cap of $52.54 billion, a PE ratio of 44.02, a P/E/G ratio of 4.15 and a beta of 0.94. The business has a 50 day moving average of $48.26 and a 200 day moving average of $43.94. Fastenal has a 52 week low of $35.31 and a 52 week high of $50.63.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, October 28th. Fastenal's dividend payout ratio is currently 84.62%.

Insider Transactions at Fastenal

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 in the last ninety days. 0.37% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fastenal

Several institutional investors have recently modified their holdings of the business. Brighton Jones LLC bought a new position in shares of Fastenal in the fourth quarter worth about $496,000. Nebula Research & Development LLC bought a new position in shares of Fastenal in the second quarter worth about $388,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Fastenal in the second quarter worth about $374,000. Gallagher Fiduciary Advisors LLC raised its stake in shares of Fastenal by 100.2% in the second quarter. Gallagher Fiduciary Advisors LLC now owns 8,645 shares of the company's stock worth $363,000 after buying an additional 4,326 shares during the period. Finally, CTC Alternative Strategies Ltd. bought a new position in shares of Fastenal in the second quarter worth about $361,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FAST has been the topic of a number of research reports. Robert W. Baird raised Fastenal from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $47.00 to $55.00 in a report on Thursday, August 7th. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Barclays began coverage on Fastenal in a report on Tuesday, October 7th. They set a "positive" rating and a $49.00 target price for the company. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Fastenal in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $47.41.

About Fastenal

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.

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