Brokers Offer Predictions for Fastenal FY2024 Earnings

Fastenal (NASDAQ:FAST) – Zacks Research lowered their FY2024 earnings per share estimates for Fastenal in a research report issued on Tuesday, October 29th. Zacks Research analyst S. Mukherjee now forecasts that the company will post earnings of $2.04 per share for the year, down from their previous estimate of $2.05. The consensus estimate for Fastenal’s current full-year earnings is $2.03 per share. Zacks Research also issued estimates for Fastenal’s Q4 2024 earnings at $0.49 EPS, Q1 2025 earnings at $0.53 EPS, Q2 2025 earnings at $0.55 EPS, Q3 2025 earnings at $0.56 EPS, FY2025 earnings at $2.17 EPS, Q1 2026 earnings at $0.57 EPS, Q3 2026 earnings at $0.60 EPS and FY2026 earnings at $2.35 EPS.

A number of other equities research analysts also recently issued reports on the company. Stifel Nicolaus restated a “buy” rating and set a $86.00 price objective (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Robert W. Baird upped their price objective on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Jefferies Financial Group decreased their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Bank of America initiated coverage on Fastenal in a research note on Monday, October 7th. They set a “buy” rating and a $85.00 target price on the stock. Finally, Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and an average price target of $73.33.

Fastenal Price Performance

NASDAQ:FAST opened at $78.23 on Thursday. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $44.82 billion, a P/E ratio of 38.92, a P/E/G ratio of 4.59 and a beta of 1.01. Fastenal has a 12 month low of $58.23 and a 12 month high of $79.04. The business’s 50-day moving average is $71.94 and its 200 day moving average is $68.24.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.52 earnings per share.

Institutional Investors Weigh In On Fastenal

A number of institutional investors have recently modified their holdings of FAST. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Fastenal by 4.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,594,140 shares of the company’s stock worth $122,972,000 after buying an additional 60,689 shares in the last quarter. First Trust Direct Indexing L.P. grew its position in Fastenal by 8.7% in the first quarter. First Trust Direct Indexing L.P. now owns 15,439 shares of the company’s stock worth $1,191,000 after acquiring an additional 1,240 shares during the period. Van ECK Associates Corp grew its position in Fastenal by 6.9% in the first quarter. Van ECK Associates Corp now owns 108,726 shares of the company’s stock worth $8,387,000 after acquiring an additional 7,013 shares during the period. Norden Group LLC grew its position in Fastenal by 57.9% in the first quarter. Norden Group LLC now owns 7,399 shares of the company’s stock worth $571,000 after acquiring an additional 2,712 shares during the period. Finally, Retirement Systems of Alabama grew its position in Fastenal by 0.3% in the first quarter. Retirement Systems of Alabama now owns 126,299 shares of the company’s stock worth $9,743,000 after acquiring an additional 366 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 190,261 shares of company stock valued at $13,874,979. 0.41% of the stock is currently owned by corporate insiders.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 1.99%. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

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.