William Blair Comments on Fastenal’s Q2 2024 Earnings (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – Analysts at William Blair reduced their Q2 2024 EPS estimates for shares of Fastenal in a research report issued to clients and investors on Monday, May 6th. William Blair analyst R. Merkel now forecasts that the company will post earnings of $0.52 per share for the quarter, down from their previous forecast 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) last released 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). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. During the same period last year, the firm earned $0.52 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year.

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

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $66.78 on Wednesday. The company has a 50-day simple moving average of $72.87 and a 200-day simple moving average of $67.29. 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 33.06, a price-to-earnings-growth ratio of 3.58 and a beta of 1.07. Fastenal has a 12 month low of $52.86 and a 12 month high of $79.04.

Fastenal Dividend Announcement

The business 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 dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 24th. Fastenal’s dividend payout ratio is currently 77.23%.

Insider Transactions at Fastenal

In other news, Director Daniel L. Johnson purchased 3,350 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was acquired at an average cost 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 of the company’s stock, valued at $724,486.10. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fastenal news, VP Charles S. Miller sold 11,076 shares of Fastenal stock in a transaction on Friday, March 15th. The shares were 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 accessible through this link. Also, Director Daniel L. Johnson bought 3,350 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were acquired at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the acquisition, the director now directly owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Fastenal

A number of institutional investors have recently modified their holdings of FAST. MCF Advisors LLC grew its holdings in shares of Fastenal by 2,172.2% during the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares during the last quarter. Hartford Financial Management Inc. increased its holdings in shares of Fastenal by 46.9% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Fastenal in the 4th quarter valued at about $35,000. Criterion Capital Advisors LLC acquired a new position in Fastenal during the 4th quarter valued at about $43,000. Finally, First Horizon Advisors Inc. boosted its stake in Fastenal by 283.2% during the 4th quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock valued at $49,000 after purchasing an additional 558 shares during the period. Institutional investors own 81.38% of the company’s stock.

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.