Fastenal (NASDAQ:FAST) Expected to Earn FY2024 Earnings of $2.02 Per Share

Fastenal (NASDAQ:FAST) – William Blair cut their FY2024 EPS estimates for shares of Fastenal in a report released on Tuesday, October 8th. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $2.02 for the year, down from their previous forecast of $2.03. The consensus estimate for Fastenal’s current full-year earnings is $2.04 per share. William Blair also issued estimates for Fastenal’s Q4 2024 earnings at $0.48 EPS, Q1 2025 earnings at $0.54 EPS, Q2 2025 earnings at $0.56 EPS, Q3 2025 earnings at $0.57 EPS, Q4 2025 earnings at $0.54 EPS, FY2025 earnings at $2.20 EPS and FY2026 earnings at $2.34 EPS.

Several other brokerages have also weighed in on FAST. Bank of America began coverage on shares of Fastenal in a report on Monday. They issued a “buy” rating and a $85.00 price objective on the stock. Morgan Stanley initiated coverage on Fastenal in a research report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price target on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 target price (down previously from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group reduced their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.89.

Fastenal Price Performance

Fastenal stock opened at $69.99 on Wednesday. The stock has a market cap of $40.07 billion, a price-to-earnings ratio of 34.82, a P/E/G ratio of 3.92 and a beta of 1.01. Fastenal has a 12-month low of $55.42 and a 12-month high of $79.04. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The business’s 50-day simple moving average is $68.53 and its 200 day simple moving average is $68.00.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s quarterly revenue was up 1.8% on a year-over-year basis.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. CVA Family Office LLC increased its position in Fastenal by 51.0% during the third quarter. CVA Family Office LLC now owns 533 shares of the company’s stock worth $38,000 after buying an additional 180 shares during the last quarter. Koshinski Asset Management Inc. boosted its stake in shares of Fastenal by 8.5% during the 3rd quarter. Koshinski Asset Management Inc. now owns 5,256 shares of the company’s stock worth $375,000 after acquiring an additional 413 shares during the period. Annex Advisory Services LLC increased its holdings in shares of Fastenal by 40.9% during the 3rd quarter. Annex Advisory Services LLC now owns 5,265 shares of the company’s stock worth $376,000 after acquiring an additional 1,529 shares during the last quarter. Gateway Investment Advisers LLC raised its stake in Fastenal by 7.8% in the 3rd quarter. Gateway Investment Advisers LLC now owns 16,858 shares of the company’s stock valued at $1,204,000 after acquiring an additional 1,213 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Fastenal by 269.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,007 shares of the company’s stock valued at $286,000 after purchasing an additional 2,923 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 45,744 shares of the business’s 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 2.23%. Fastenal’s dividend payout ratio is currently 77.61%.

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.