Fastenal (NASDAQ:FAST) Shares Gap Down Following Weak Earnings

Fastenal (NASDAQ:FAST - Get Free Report) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $74.74, but opened at $72.33. Fastenal shares last traded at $70.10, with a volume of 1,511,156 shares trading hands.

The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 34.31% and a net margin of 15.72%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the business earned $0.52 earnings per share. The company's revenue was up 1.9% on a year-over-year basis.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.23%. Fastenal's dividend payout ratio is 77.23%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Stifel Nicolaus upped 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. Robert W. Baird increased their target price on shares of Fastenal from $74.00 to $77.00 and gave the stock a "neutral" rating in a research report on Thursday, March 7th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $68.20.

Insider Transactions at Fastenal

In related news, VP Charles S. Miller sold 11,076 shares of the business's stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Charles S. Miller sold 11,076 shares of Fastenal stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $75.16, for a total value of $832,472.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Anthony Paul Broersma sold 5,586 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total value of $387,333.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,682 shares of company stock valued at $7,375,853. 0.41% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FAST. Raymond James & Associates boosted its stake in shares of Fastenal by 3.7% in the 4th quarter. Raymond James & Associates now owns 900,171 shares of the company's stock valued at $58,304,000 after purchasing an additional 31,814 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Fastenal by 178.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 78,030 shares of the company's stock valued at $5,054,000 after buying an additional 49,972 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of Fastenal during the third quarter worth $1,293,000. National Bank of Canada FI increased its holdings in shares of Fastenal by 26.8% during the third quarter. National Bank of Canada FI now owns 262,544 shares of the company's stock worth $14,401,000 after buying an additional 55,491 shares in the last quarter. Finally, Kampmann Melissa S. acquired a new position in shares of Fastenal during the third quarter worth $2,777,000. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Down 6.5 %

The company has a current ratio of 4.57, a quick ratio of 2.27 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $39.99 billion, a P/E ratio of 34.70, a PEG ratio of 3.92 and a beta of 1.05. The stock has a 50 day moving average price of $73.74 and a 200 day moving average price of $65.69.

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.