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

Fastenal (NASDAQ:FAST - Free Report) - William Blair dropped their Q2 2024 earnings per share (EPS) estimates for Fastenal in a research report issued to clients and investors on Monday, May 6th. William Blair analyst R. Merkel now expects that the company will post earnings per share of $0.52 for the quarter, down from their previous 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.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly 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). The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share.

FAST has been the topic of several other research reports. Stifel Nicolaus increased their price target on shares of Fastenal from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, March 18th. Robert W. Baird lowered their target price on shares of Fastenal from $71.00 to $69.00 and set a "neutral" rating on the stock in a research report on Tuesday. HSBC boosted their price target on Fastenal from $59.00 to $64.00 and gave the stock a "hold" rating in a research report on Monday, April 15th. Finally, Loop Capital lowered their price objective on Fastenal from $71.00 to $66.00 and set a "hold" rating on the stock in a report on Monday, April 15th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Fastenal has a consensus rating of "Hold" and an average target price of $67.33.

Fastenal Stock Up 0.6 %

FAST traded up $0.37 during midday trading on Wednesday, hitting $66.78. 3,945,340 shares of the company's stock traded hands, compared to its average volume of 3,962,624. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49. The company has a market cap of $38.23 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. Fastenal has a one year low of $52.86 and a one year high of $79.04. The stock's fifty day simple moving average is $72.87 and its 200-day simple moving average is $67.29.

Institutional Trading of Fastenal

Institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Fastenal in the 4th quarter valued at approximately $405,513,000. ProShare Advisors LLC grew its position in Fastenal by 497.3% in the first quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company's stock valued at $239,083,000 after acquiring an additional 2,580,478 shares during the period. Confluence Investment Management LLC acquired a new position in Fastenal during the first quarter worth $195,459,000. Envestnet Asset Management Inc. lifted its holdings in shares of Fastenal by 47.3% during the third quarter. Envestnet Asset Management Inc. now owns 4,691,506 shares of the company's stock valued at $256,344,000 after acquiring an additional 1,505,936 shares during the period. Finally, TD Asset Management Inc boosted its stake in shares of Fastenal by 112.9% in the 4th quarter. TD Asset Management Inc now owns 2,679,735 shares of the company's stock valued at $173,566,000 after purchasing an additional 1,420,763 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In other Fastenal news, VP Charles S. Miller sold 11,076 shares of the firm's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $75.16, for a total value of $832,472.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Daniel L. Johnson bought 3,350 shares of Fastenal stock in a transaction that occurred on Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares in the company, valued at $724,486.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Charles S. Miller sold 11,076 shares of the business's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $75.16, for a total value of $832,472.16. The disclosure for this sale can be found here. 0.41% of the stock is owned by insiders.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.34%. Fastenal's payout ratio 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.