Equities Analysts Issue Forecasts for Fastenal’s Q2 2020 Earnings (NASDAQ:FAST)

Equities Analysts Issue Forecasts for Fastenal’s Q2 2020 Earnings (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – Stock analysts at Jefferies Financial Group cut their Q2 2020 earnings estimates for shares of Fastenal in a research note issued to investors on Wednesday, March 18th. Jefferies Financial Group analyst H. Mazari now expects that the company will earn $0.36 per share for the quarter, down from their prior forecast of $0.38. Jefferies Financial Group also issued estimates for Fastenal’s Q3 2020 earnings at $0.38 EPS and FY2020 earnings at $1.44 EPS.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Friday, January 17th. The company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. The business had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. Fastenal had a return on equity of 31.16% and a net margin of 14.83%. The business’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $0.60 EPS.

Other analysts also recently issued research reports about the company. ValuEngine raised Fastenal from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 18th. Morgan Stanley cut their price target on Fastenal from $37.00 to $30.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 17th. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $38.00 to $40.00 in a report on Friday, March 13th. Buckingham Research raised their price target on Fastenal from $33.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, January 21st. Finally, Wells Fargo & Co raised Fastenal from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a report on Thursday, March 19th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $75.67.

Shares of NASDAQ FAST opened at $28.18 on Monday. The company has a market cap of $16.51 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 1.45 and a beta of 1.23. Fastenal has a 12-month low of $26.72 and a 12-month high of $39.31. The company has a current ratio of 4.51, a quick ratio of 2.00 and a debt-to-equity ratio of 0.18. The stock’s 50 day simple moving average is $35.42 and its 200 day simple moving average is $35.31.

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, January 31st were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, January 30th. This represents a $1.00 annualized dividend and a yield of 3.55%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s payout ratio is presently 72.46%.

In other Fastenal news, CEO Daniel L. Florness sold 7,500 shares of Fastenal stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $38.20, for a total transaction of $286,500.00. Following the sale, the chief executive officer now owns 207,190 shares of the company’s stock, valued at approximately $7,914,658. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Darren R. Jackson acquired 18,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was purchased at an average cost of $35.57 per share, for a total transaction of $640,260.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 18,945 shares of company stock worth $672,514 in the last ninety days. 0.57% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of FAST. TCI Wealth Advisors Inc. raised its stake in shares of Fastenal by 72.1% in the 4th quarter. TCI Wealth Advisors Inc. now owns 678 shares of the company’s stock worth $25,000 after buying an additional 284 shares in the last quarter. Citizens Financial Group Inc RI raised its stake in shares of Fastenal by 265.3% in the 4th quarter. Citizens Financial Group Inc RI now owns 716 shares of the company’s stock worth $26,000 after buying an additional 520 shares in the last quarter. Security National Trust Co. bought a new stake in shares of Fastenal in the 4th quarter worth $31,000. Executive Wealth Management LLC raised its stake in shares of Fastenal by 120.7% in the 3rd quarter. Executive Wealth Management LLC now owns 1,249 shares of the company’s stock worth $40,000 after buying an additional 683 shares in the last quarter. Finally, Resources Management Corp CT ADV bought a new stake in shares of Fastenal in the 3rd quarter worth $59,000. 82.13% of the stock is currently owned by institutional investors.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Share:
Scroll Up
error: Content is protected !!